'If last 4 budgets were cakes, this year's was the icing', says Jayant Sinha while praising the BJP government's performance on the economic front

Praising the government's performance on the economic front, Union Minister Jayant Sinha on Monday said tax to GDP ratio rose and the fear of "tax terrorism" was gone during its tenure. After demonetisation, the tax compliance increased during 2017-18, the Minister of State in the Civil Aviation Ministry said while intervening during the debate on the interim Budget in Lok Sabha.

Taking a dig at the UPA, he said earlier the development of country was at the pace of a cycle, but under the NDA government it was moving at the speed of an aeroplane or a rocket.

If the last four budgets were cakes, then this Budget is the icing on the cake, Mr Sinha, who was earlier a junior minister in the Ministry of Finance, said. 

The Minister said that there has been changing in the behavioural economics in the country. 

"The tax to GDP ratio has increased from 10 per cent during the UPA rule to 12 per cent under our government.Our taxation system has simplified and become more efficient. The feC ar of tax terrorism has gone," he said.

Slamming the Congress for targeting the government on the Rafale deal, he said the UPA could not even buy bulletproof vests for the Army for 10 years. 

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Earlier, Prime Minister Narendra Modi hailed the 2019 budget while addressing a rally in Thakurnagar and Durgapur in West Bengal. He said that the provisions in the interim Budget, including tax exemption on the income of up to Rs 5 lakh, was just a "trailer" and more will follow in the main budget after the Lok Sabha polls if his government returns to power.

"What is 'Sabka Saath Sabka Vikas' is evident in this (interim budget 2019). It has something for every section of the society," PM Modi said.

"In the interim Budget, individuals with up to 5 lakh taxable income have been exempted from the tax. This is just the trailer. There is more to follow. This move is going to benefit around 3 crore individuals of the middle class," he said.

"This is just the beginning. The main Budget after the Lok Sabha election will have much more for the youth, farmers, and other sections of the society," the Prime Minister said.

(With inputs from PTI)