The Finance Minister Arun Jaitley on Wednesday presented Union Budget for FY 2017-18. There are many things which have happened for the first time in the Union Budget. Here are the details:
# It was first time in independent India that Rail Budget was presented along with Union Budget. In 93 years, it was for the first time that both Rail Budget and Union Budget were presented together. Since the British rule in 1924, Rail Budget was presented separately.
# After independence, it was for the first time that Union Budget was presented on February 1. Earlier, Union Budget and Rail Budget used to be presented in last week of February. Rail Budget used to be presented first, then the Economic Survey and Union Budget in the last.
# Planned and non-planned expenditure were abolished. Government has abolished planned and non-planned expenditure for the first time in Budget's history.
# It was for the first time that political parties' funding has been reduced. Earlier, there was no scrutiny on the funding of up to Rs 20,000. Now, political parties will have to furnish record of funding above Rs 2,000.
Also read: Budget 2017 Highlights | FM Jaitley gives tax relief to lowest slab, MSMEs; increases expenditure for defence, agriculture
# It was the first Union Budget post demonetisation. The demonetisation was announced on November 8 last year. This Union Budget is first after the famous demonetisation move.
# This Union Budget was presented before the implementation of Goods and Services Tax. The date for implementation of GST is July 1, 2017. This Budget may help in deciding tax structure.
# This Budget was first after the announcement of Income Declaration Scheme (IDS). The Government had given last opportunity to the black money holders to declare their income. After paying penalty and tax, they could have changed their black money into white.
# The government has decided to limit the cash transactions amount. The government has completely stopped cash transactions above Rs 3 lakhs. Earlier, PAN card details needed to be furnished for transactions above Rs 50,000.