Miscellaneous - This Day That Age   

dated May 17, 1957: The Central Budget

The Finance Minister, Mr. T.T. Krishnamachari, presented to Parliament on May 15 a budget, which he described as one imposing increased burdens on the near necessities of the common man. He announced tax proposals numbering 112, involving extensive changes in the existing taxes, and the addition of new ones. His proposals include the upward revision of excise duty on 13 items, raising of customs duty on 90 items, imposition of a tax on wealth and a tax on expenditure, an increase in railway fares, upward revision of postal rates, adjustments in personal income-tax and super-tax, increase in the tax payable by companies, and increased taxes on tea, coffee, sugar and matches. The Finance Minister said that he expected the new tax proposals to yield Rs. 92.85 crores of which Rs. 77.85 crores would come to the Central revenue and Rs. 15 crores to the States. The overall deficit of Rs. 368 crores would thus be reduced to Rs. 275 crores.

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