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7 memorable quotes by finance ministers from past Budgets

The mortal remains of former Finance Minister Arun Jaitley on Sunday reached the Bharatiya Janata Party (BJP) headquarters from his residence in Kailash Colony here for people to pay their tributes. The BJP stalwart's mortal remains reached the party headquarters in a military vehicle decked with flowers at around 10.58 a.m. Several BJP leaders and family members accompanied the convoy carrying Jaitley's mortal remains. Senior party leaders, including Home Minister Amit Shah and Defence Minister Rajnath Singh, paid tribute to Jaitley by offering flowers to his body packed in a red colour casket. Jaitley's mortal remains were kept at the Central Hall of the BJP headquarters where it will be kept till around 2 p.m., and then it will be moved to Nigam Bodh Ghat for the last rites, party sources told IANS. Jaitley passed away at All India Institute of Medical Sciences (AIIMS) on Saturday due to a prolonged illness. He was 66. India’s former Finance Minister Arun Jaitley passed away after sustained illness at the age of 66 after an impressive political career spanning decades when he never won an election but was always relevant and maintained his deep influence in Indian politics. Jaitley, along with the former Foreign Minister, the late Sushma Swaraj -- <a href="https://www.businessinsider.in/sushma-swaraj-indias-former-foreign-minister-passes-away-at-the-age-of-67/articleshow/70561044.cms" data-type="tilCustomLink" target="_blank">who passed away earlier this month</a>-- were instrumental in keeping the Bharatiya Janata Party relevant, as an opposition party, in the ten years preceding 2014 when Narendra Modi swept to power as India's Prime Minister. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/news/arun-jaitley-a-detailed-profile-and-history-of-indias-former-finance-minister-who-had-many-friends-and-few-enemies/articleshow/70815608.cms" data-type="tilCustomLink" target="_blank">Arun Jaitley, every big man's friend, passes away at the age of 66-- leaving behind lessons in the 'art of the possible'</a>

The last rites of India's former Finance Minister Arun Jaitley will be performed today

<ul><li>Former Finance Minister and senior BJP leader Arun Jaitely passed away at AIIMS on Saturday after prolonged illness. Jaitley had undergone dialysis on Thursday.</li><li>He was one of the few BJP members that supported PM Narendra Modi's back when he was under fire for 2004 Godhra riots. </li></ul> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, India's former Finance Minister, and prominent BJP leader passed away today at AIIMS. "It is with profound grief that we inform about the sad demise of Former <keyword id="6391015" type="UNKNOWN" weightage="20" keywordseo="finance-minister-arun-jaitley">Finance Minister Arun Jaitley</keyword>, Member of Parliament (MP) at 12:07 p.m. on Saturday. Jaitley was admitted in AIIMS, New Delhi on August 9 and was treated by a multi-disciplinary team of senior doctors," said Aarti Vij, Chairperson, Media and Protocol, AIIMS. <div type="Article" hostid="261" msid="70815608" title="Arun Jaitley, every big man's friend, passes away at the age of 66-- leaves behind lessons in the art of the possible" mstype="2" mssubtype="0"></div> Here are some lesser-known facts about Arun Jaitley <div type="embedgroup" originid="carousel_1566633571133"><title>Untitled Carousel</title> <div type="Slideshow" msid="70815904" hostid="261" title="Arun Jaitley, the man who had Narendra Modi&amp;#39;s back during Gujarat riots" rank="1.0" mstype="8" mssubtype="0" firstImageMsid="70816100" slideCount="9"></div></div>

Lesser known facts about the late Arun Jaitley

<ul><li>Former Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has slated the two years of Good &amp; Services Tax(<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) saying that GST has proved to be both “consumer &amp; assessee friendly.” </li><li>The revenue hit a ₹900 billion annual loss due to heavy tax reductions under the Goods &amp; Services Tax (GST) scheme. </li><li>Jaitley rolled out the GST scheme in July 2017, which has widened the consumer base for tax collection by 84%.</li></ul>Just a few days ahead of the Union Budget, former Finance Minister Arun Jaitley said that the government has taken an annual revenue hit of ₹900 billion due to tax reductions under the Goods &amp; Services Tax (GST) scheme. In a blog written to commemorate two years of introduction GST, Jaitley said that the new tax regime is both “assessee and consumer-friendly.” Most of the consumer products now come under lower GST slabs and daily-use items are under the lowest tax bracket of 5%. While only luxury goods have been in the “white goods.” Luxury items such as small cars, consumer durables like AC and Refrigerators and cigarettes have been kept in 28% tax range. 
 
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 He also said that arriving to a consensus in the Parliament over the implementation of the scheme had been difficult for the government. “The critical point which enabled the Government to persuade the States was to cushion them with a 14% annual increase from the tax base of 2015-16 for a period of five years,” Jaitley reminisced. Wider Tax Net The consumer base for tax collection has widened over the last two years by 84%, enabling higher tax collections, thereby. The present consumer base has hit 12 million, which was 6.5 million. “The high taxation of pre GST era pinched the consumers’ pocket and acted as a disincentive against tax compliance,” said Jaitley who has stepped down from the cabinet due to health reasons. According to him, the transition to GST in India has been smooth, as this tax had brought down governments in many countries. There were protests in Surat following GST. However, two years on, the Narendra Modi-led BJP government was able to secure seats in Gujarat with high margin. See also: <a href="https://www.businessinsider.in/niti-aayog-wants-education-budget-to-increase-further/articleshow/69941463.cms">India’s education budget has improved over the years — but it’s still too low</a> <a href="https://www.businessinsider.in/health-budget-2019-india-might-increase-spending-on-healthcare-but-that-may-not-be-enough/articleshow/69956156.cms">Health Budget 2019: India might increase spending on healthcare but that may not be enough</a>

India lost ₹900 billion due to tax rate cuts under GST, says former Finance Minister Arun Jaitley

"Education which does not help common mass of people to equip themselves is it worth of name?.." Finance Minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> quoted Swami Vivekanandav in the Parliament, before making some of the biggest Budget announcements India has received in education sector so far. 
 
While highlighting Modi government's "Transform, Energize and Clean India" mission for Budget 2017-18, the Finance Minister said,"Quality education will energize our youth." 
 
He proposed the introduction of a system of measuring annual learning. Emphasis, he said, will be given to science education in schools. 
 
To free CBSE and other agencies of administrative responsibilities, he announced a National Testing agency to conduct all examinations in higher education. 
 
Additionally, in a major push to Make In India, Jaitley announced 100 international skill centres across India to help youth who are seeking jobs overseas. 
 
3479 educationally backward blocks will be given focus. A Swayam platform will be launched with atleast 350 online courses and it will be made available through DTH. 
 
Other key highlights concerning education, youth, women and minorities: 
 
Youth 
- Legislative reforms to simplify existing labour laws 
- ​Stress on vocational training for youth - Two new <keyword id="40458" type="COMPANY" weightage="20" keywordseo="AIIMS">AIIMS</keyword> to be set up in Jharkhand and Gujarat 
- Stepped up allocation for welfare of women and child at 1,82,000 crore 
-​ One stop convergence support system for skill employment etc for rural women 
 
Women and Children 
- Model Shops and Establishment Bill to open up additional opportunities for employment of women 
- For welfare of women and children, allocation stepped up from Rs 1,56,528 cr to Rs 1,84,632 cr in 17-18 - Rs 500 cr allocated to set up <keyword id="4126560" type="UNKNOWN" weightage="20" keywordseo="mahila-shakti-kendras">Mahila Shakti Kendras</keyword> 
- Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women and child welfare. 
- Hiked Allocation For Women Skill Development to Rs 1.84 lakh cr 
- Total allocation to women and children related schemes to rise from Rs 1.56 lakh crore to Rs 1.84 lakh crore 
 
Minorities - SC/ST 
- 35% increase in funds allocation for schedule castes to Rs 52,393 crore. 
- Allocation for minorities stepped up 4195 cr. 
- Outcome based monitoring by NITI Aayog introduced. 
 The Finance Minister said,"Providing quality education is very crucial to the children who are on their way to create India’s core working population in the next 10 years. This development in their formative years can help the country in the years to come. <keyword id="6599769" type="UNKNOWN" weightage="20" keywordseo="Budget-2017">Budget 2017</keyword> is an opportunity for the government to concentrate on the improvement of school education for children who are enrolled in primary and secondary schools. The Centre’s commitment to education has always been high on intent but low in practice." 
 
The Budget 2016-17 allocated Rs 1,51,581 crore for social sector including education and health care. The then budget included 62 new Navodaya Vidyalayas to be opened, Sarva Shiksha Abhiyan to increasing focus on quality of education, regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions, set up of higher education financing agency with initial capital base of 1000 Crores and the digital depository for school leaving certificates, college degrees, academic awards &amp; mark sheets to be set-up.

Finance Minister Arun Jaitley makes biggest announcements for Education Sector in India

<keyword id="6363133" type="PERSON" weightage="100" keywordseo="Manohar-Parrikar">Manohar Parrikar</keyword> resigned to head to Goa as the next Chief Minister and <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> was told to take additional charge as the country's Defence Minister. 
 President <keyword id="6359124" type="PERSON" weightage="20" keywordseo="Pranab-Mukherjee">Pranab Mukherjee</keyword> had accepted Mr Parrikar's resignation with immediate effect. "Further as advised by the Prime Minister, the President has directed that Shri Arun Jaitley, Cabinet Minister, shall be assigned the charge of the <keyword id="6369097" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Defence">Ministry of Defence</keyword>, in addition to his existing portfolios," a statement from Mr Mukherjee's office said. 
 Mr Jaitley had started out his innings in the Modi Government with charge for the two ministries on either side of Raisina Hill; the <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> ministry in North Block and the defence ministry across the road, in South Block. He relinquished the defence ministry in November 2014 when Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> brought in Manohar Parrikar from Goa to continue attempts to get the procurement process - halted during the previous UPA's tenure - back on track. 
 
But Goa Chief Minister Laxmikant Parsekar - who had replaced Mr Parrikar in 2014 - was not a patch on his predecessor. The BJP not only ended up with just 13 seats in the 40-seat assembly in the just-concluded elections but Mr Parsekar could not win a seat for himself. And he had contested from two. 
 
 
Even as Defence Minister, Mr Parrikar has often been called Goa's super chief minister, a reflection of the IIT-Bombay graduate's abiding interest in state politics even after taking charge of the Defence Ministry. 
 
That the defence minister was headed home became crystal clear over the weekend when the BJP's former former ally, the Maharashtrawadi Gomantak Party or MGP, offered support to the BJP on condition that Mr Parrikar heads the government. 
 
It is an option that Mr Parrikar had never really turned his back on. When he was asked about the possibility of his return to state politics after he voted in last month's election, Mr Parrikar's gave a cryptic response: "I have lost 4 kg in Delhi because of the food. I like Goan food. You can interpret this the way you want."

Finance Minister Arun Jaitley Gets Defence Ministry After Manohar Parrikar Heads To Goa

The <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi </a>-led Indian Government was looking to soothe pains of the common man after the demonetisation burns and the <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> announced few tax concessions for the common man. 
 
While announcing the tax measures in his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a>, Jaitley said the<a href="http://www.businessinsider.in/searchresult.cms?query=income+tax&amp;sortorder=effectivedate"> income tax</a> rate for people earning income between Rs 2.5 lakh and Rs 5 lakh will be 5%. Presently, it is at 10%. 
 
Also, the FM has levied a surcharge of 10% on people earning an income between Rs 50 lakh and Rs 1 crore. Also, 15% surcharge on income above Rs 1 crore will continue. 
 
Also, the net revenue loss on direct tax proposals amounts to Rs 20,000 crore and the net tax revenue grew by 17% in 2015-16. 
 
Experts welcomed the move, saying this is a fresh breeze of air, adding low income earners have been given relief. 
 
Here’s what the experts’ analysis looks like

Tax experts give thumbs up Arun Jaitley’s Budget.
Here’s what their analysis says

Finance Minister <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Arun Jaitley</a>, in his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a>, announced relief for people earning <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax&amp;sortorder=effectivedate">income </a>between Rs 2.5 lakh and Rs 5 lakh. 
 
Now, 5% tax will be levied on people earning under bracket Rs 2.5 lakh-Rs 5 lakh. Presently, it is at 10%. 
 
Also, the FM has levied a surcharge of 10% on people earning an income between Rs 50 lakh and Rs 1 crore. Also, 15% surcharge on income above Rs 1 crore will continue. 
 
He said the growth rate in advance tax for personal income in last three quarters in current year is at historic high of 34.8% due to government’s efforts. 
 
Also, people filing I-T returns for the first time will not come under government’s scrutiny for the first year. 
 
India is quite different when compared to other nations such as China, UK, US, Germany and Brazil. 
 
Here is how India differs from these nations and tax slabs in these nations

India changes its income tax slab for people earning
up to Rs 5 lakh. Here are income tax structures of China, UK, US, Brazil and
Germany

Finance Minister <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Arun Jaitley</a> rolled out the <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a>, which focussed mainly on the poor and recovery. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Modi</a>-led Indian Government was looking to soothe pains of the common man after the demonetisation burns and the finance minister announced few tax concessions for the common man. 
 
While announcing the <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax&amp;sortorder=effectivedate">tax measures</a>, Jaitley said the income tax rate for people earning income between Rs 2.5 lakh and Rs 5 lakh will be 5%. Presently, it is at 10%. 
 
Also, the FM has levied a surcharge of 10% on people earning an income between Rs 50 lakh and Rs 1 crore. Also, 15% surcharge on income above Rs 1 crore will continue. 
 
“We are committed to make our tax rates reasonable, tax administration fairer and tax base wider. We are largely a tax non-compliant society and the burden of tax evaders falls on honest tax payers,” said Jaitley, while presenting the Budget 2017-18. 
 
He said the growth rate in advance tax for personal income in last three quarters in current year is at historic high of 34.8% due to government’s efforts. 
 
Jaitley also announced one page I-T return form for individuals with less than Rs 5 lakh income. 
 
Also, the net revenue loss on direct tax proposals amounts to Rs 20,000 crore and the net tax revenue grew by 17% in 2015-16.

Relief for the common man! Income tax for people earning Rs 2.5 lakh-Rs 5 lakh reduced to 5%

<a href="http://www.businessinsider.in/searchresult.cms?query=The+Economic+Survey+2016-17&amp;sortorder=effectivedate">The Economic Survey 2016-17</a> was presented by the <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> in the <a href="http://www.businessinsider.in/searchresult.cms?query=Parliament&amp;sortorder=effectivedate">Parliament</a> today. According to the survey, India has been aiming at solving its ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Twin+Balance+Sheet&amp;sortorder=effectivedate">Twin Balance Sheet</a>’ (<keyword id="52799" type="COMPANY" weightage="20" keywordseo="TBS">TBS</keyword>) problem and so far, they have seen a limited success. The problem still exists as the <a href="http://www.businessinsider.in/searchresult.cms?query=Non-Performing+Assets&amp;sortorder=effectivedate">Non-Performing Assets</a> (NPAs) of the banking system keep increasing, while credit and investment keep falling. 
 The <keyword id="6354872" type="ORGANIZATION" weightage="20" keywordseo="Economic-survey">Economic Survey</keyword>, however, suggested considering a different approach and recommended a centralised <keyword id="4122946" type="UNKNOWN" weightage="20" keywordseo="public-sector-asset-rehabilitation-agency">Public Sector Asset Rehabilitation Agency</keyword> (PARA) that could take charge of the largest, most difficult cases, and make politically tough decisions to reduce debt.

This is why India’s banking system is in such chaos

It is going to be a bed of thorns when <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> will present <keyword id="6599769" type="UNKNOWN" weightage="20" keywordseo="Budget-2017">Budget 2017</keyword> in the parliament on February 1. This Budget is going to be one of the toughest for <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Modi</a>-led Indian government as the country is facing uncertain times. 
 
Events such as <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>, slowing economy, etc will bear an impact on <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a>. In the previous budgets, finance ministers had total insights into corporate balance sheets, economic performance, etc but since the budget has been shifted to Feb 1, this may prove to be a bane for Jaitley. 
 
"This (2017-18) budget would be presented in most uncertain times and is unpredictable,” NR Bhanumurthy, professor at National Institute of Public Finance and Policy (NIPFP), told ET. 
 
Jaitley will possibly have dearth of data. These are the looming factors 
 
<keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">Demonetisation</keyword> 
The RBI has failed to give any reliable data on the real impact of demonetisation. The note ban decision impacted several sectors heavily such as auto industry, which saw drop by 19% in December, worst in 16 years. 
 
“The last quarter of fiscal 2017 will be weak,'' Ajit Dange, head of portfolio management services, domestic business, at SBI Mutual Fund, told ET. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=tax&amp;sortorder=effectivedate">Tax</a> 
The year 2016-17 will see economic growth falling way short of estimates. However, the Indian government revenues will overshoot targets thanks to a relentless pursuit of evaders and amnesty schemes. 
 
The crackdown on suspicious accounts and illegal income hoarders will carry on. Even GST is expected to being some respite. 
 
SBI Mutul Fund's Dange told ET job losses as the shift to GST will shut down a number of small industries in the informal sector that employs over 90% of India's workforce. 
 
"Many of them (small industries) will be unable to evade taxes and will become uncompetitive. Tax evasion was the only source of profitability for many of them,” he told ET. 
 
Oil 
Oil is moving up steadily. The <a href="http://www.businessinsider.in/searchresult.cms?query=crude+oil&amp;sortorder=effectivedate">Indian crude oil </a>basket has risen from $39.88 in April 2016 to $54.24 in the first week of January, according to the oil ministry's petroleum planning and analysis cell. 
 
"We expect international oil prices to rise to near $60 in 2017 and about $65 in 2018,” an energy analyst with a foreign broking firm told ET on condition of anonymity. 
 
India imports more than 70% of its oil, and high international prices are the single biggest factor after monsoon rains that impact the economy. The volatile nature of both rains and oil prices are enough to give sleepless nights to finance ministers and can spoil the most meticulously planned budgets.

Budget 2017 will be presented in the most uncertain times. Here’s why

It is likely that <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> will increase the <a href="http://www.businessinsider.in/searchresult.cms?query=service+tax&amp;sortorder=effectivedate">service tax</a> from 15% to at least 16% in the run up to Goods and Services Tax (GST) rollout. 
 
During <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017</a>, Jaitley is expected to close gap with 18% <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">GST</a> rate as most of the services are likely to attract a tax of 18% under GST. 
 <keyword id="117924" type="UNKNOWN" weightage="20" keywordseo="GST-Rollout">GST rollout</keyword> is expected to happen on July 1 as stalemate over dual control continued in the GST Council meeting. 
 
So, the government may slap a higher service tax for three months to somewhat offset the revenue loss after the GST kicks in. 
 
As per industry experts, a service tax closer to the GST rate will give time to consumers to adjust to the new rate. 
 
Service tax accounts for over 14% of Indian government’s total tax revenues. In 2016-17, Rs 231,000 crore service tax accounted for total tax revenues of Rs 16,30,887 crore. 
 
The GST Council has agreed on a four-slab structure –5, 12, 18 and 28 percent—along with a cess on luxury and sin products such as tobacco.

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7 memorable quotes by finance ministers from past Budgets

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India lost ₹900 billion due to tax rate cuts under GST, says former Finance Minister Arun Jaitley

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India changes its income tax slab for people earning up to Rs 5 lakh. Here are income tax structures of China, UK, US, Brazil and Germany

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