A brief history of Union Budget

The annual exercise of presenting estimated receipts and expenditures has undergone profound changes

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India's budget documents over the last 70 years since Independence capture the struggles and achievements, frustrations and leaps of faith of India as a nation. These mirror the nation's aspirations and achievements.

The jejune budget figures spring to life in the context of India's post-colonial history Come the union budget next year, think of what you will do next morning.

You will possibly run a cursory glance at the major highlights of the budget.

Nothing more.

Now question yourself, what did people do on the morning after the union budget for the greater part of the seventy years since Independence? If you are old enough to recall, they would make a beeline for the newspapers to make out the prices of things of everyday use. From electric fans to cosmetic articles, textile items and the perceived luxury goods, prices would mostly go up.

Cigarette prices would certainly increase, much to the chagrin of smokers.

Now nobody should worry about the budget impact on prices of ordinary goods and even services. Because they would know what the rates of GST were on each of these items and the finance minister would be in no position to alter them, however much, his finances were stretched. These could be decided now by only the GST Council and this is a kind of once for all arrangement, unless there is some extraordinary snafu.

The union finance minister in a way has passed on his authority to change taxes on goods and services to GST Council. Not only he, all his state counterparts have also done so.