A Budget rooted in another era

The Finance Minister, Mr Pranab Mukherjee's latest Budget has been described by some commentators as a “throwback to the 1980s.” It is, but not just because it has gone back to an older school of revenue raising and focused on indirect taxes, or because it is loaded with the kind of complicated details on inclusions and exemptions which made yesteryear Budgets such a happy hunting ground for lobbyists and tax specialists alike.

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