gfiles magazine

March 21, 2017

Equalising force

-TN Pandey

WITH the budget fervor and excitement having settled down after introduction of the Finance Bill, 2017, in Parliament on February 1, 2017, it is time to think of long-term reforms for socio-economic betterment, which can be ushered in through the tax laws. Regretfully, the budget presentation in the country has been made a great occasion, which, in essence, is merely an account of revenue receipts and expenditure of the Central Government. The budget exercise, being an exercise to be done in a time bound way, long-term reforms, needing policy changes from long-term perspectives, cannot be rushed through the Finance Bills, though sometimes, finance ministers have found it convenient to bring some such provisions, requiring detailed debates through Finance Bills because of the experience in the past few years where the Finance Bills get passed summarily in Parliament for varied reasons, including paucity of time.

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