Budget 2020 was considered to be unique in many ways. It was the first budget of the decade 2020. Moreover it was the most anticipated budget in recent times as Indian economy was grappling from a slowdown in the growth rate for a couple of quarters. People were expecting significant rate cuts in personal income tax rates after a historic rate cut in Corporate Taxes on 20th September 2019 to boost consumption in the economy. However the Government did cut the tax rate but it did in an unprecedented manner. The New Tax slabs and the caveats attached with them will impact Indian Society in the long run as the government wants to shift the economy from saving oriented economy to consumption oriented economy.
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