It was Desai who first reformed the tax system in the budget he
presented in 1967 to apply such levies prospectively, rather than
retrospectively which was the practice till then.
Another reform, which manufacturing industries must thank him for, is the change in the excise duty regime, from physical supervision of goods by inspectors before leaving the factory, which promoted corruption, to a system of self-assessment.
Desai, in his 1969 budget speech, proposed an agriculture tax for the first time, only to be asked to withdraw it by then prime minister Indira Gandhi. Even though the proposal could never be carried through, Desai perhaps remains the only finance minister till date who dared to propose such a tax.
He was also among the first leaders of consequence to realise that economic ties were key to improving relations in the immediate neighbourhood of South Asia.
http://in.finance.yahoo.com/news/historys-unkind-man-most-budgets-093403414.html
Another reform, which manufacturing industries must thank him for, is the change in the excise duty regime, from physical supervision of goods by inspectors before leaving the factory, which promoted corruption, to a system of self-assessment.
Desai, in his 1969 budget speech, proposed an agriculture tax for the first time, only to be asked to withdraw it by then prime minister Indira Gandhi. Even though the proposal could never be carried through, Desai perhaps remains the only finance minister till date who dared to propose such a tax.
He was also among the first leaders of consequence to realise that economic ties were key to improving relations in the immediate neighbourhood of South Asia.
http://in.finance.yahoo.com/news/historys-unkind-man-most-budgets-093403414.html
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