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Arun Jaitley: Former Finance Minister of India Arun Jaitley took many such decisions, which became history. These decisions tried to further strengthen the Indian economy. Today we are going to tell about these decisions. Arun Jaitley was a lawyer, before the former Finance Minister of India. Arun Jaitley was born on 28 December 1952.
After becoming the Finance Minister, Arun Jaitley presented five Union Budgets and played his role as Finance Minister between 2014 and 2019. During this, Arun Jaitley was responsible for all major economic and financial decisions. Arun Jaitley died in August 2019 due to health problems. Today is his birth anniversary, let’s know what were his five big decisions.
Goods and Service Tax (GST)
The Goods and Services Tax (GST) regime was implemented in 2017 during the tenure of Arun Jaitley. Arun Jaitley designed it in such a way that all the states passed the GST regime, bringing the entire country under a single taxation scheme for the first time. With the introduction of GST, we got freedom from paying different taxes for the same item.
Insolvency and Bankruptcy Code (IBC)
In 2016, Jaitley introduced the Insolvency and Bankruptcy Code (IBC), which simplified the country’s bankruptcy laws. IBC has allowed creditors to easily recover dues from insolvent companies.
Demonetization decision
Notebandi or Demonetization was one of the biggest decisions taken by the government. Arun Jaitley has played an important role in its implementation. In order to fight against black money, the government has taken a big step and discontinued the existing Rs 500 and Rs 1000 notes, introduced the new Rs 2000 note and also issued a new Rs 500 note.
Merger of Railway and General Budget (One Budget)
Earlier in the country, railway and general budget were presented separately. Arun Jaitley ended this 92-year-old tradition and in 2017, Arun Jaitley presented the country’s first joint budget. This decision made it easier to present the budget, while adequate budget was available for many sectors.
Income Declaration Scheme
Jaitley had taken another decision against black money, which is known as Income Declaration Scheme. It was passed in 2016 and allows individuals to pay back taxes with only a fine instead of criminal proceedings.
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