The most significant aspect of Budget 2012 is not what it did but what it did not do.
Coming as it did right after the recent assembly election debacle, one almost expected the government to use the budget platform to dole out huge subsidies and other fiscal prolificacies in a bid to woo back the electorate.
That the Finance Minister refrained from doing so, is in itself the best news in Budget 2012.
Significantly, the Finance Minister in his budget speech announced that the government will take steps to implement the Direct Tax Code (DTC) at the earliest.
One cannot help but get the feeling that the tinkering and fixing exercise that Budget 2012 eventually turned into is a precursor to the new Tax Code.
Text: Business Standard