In June 1859, James Wilson became Vice-President of the Board of Trade, Paymaster General, and a Privy Councillor. James Wilson was soon identified to become the first finance member of the Viceroy’s Executive Council.
So, Wilson left England on October 20, 1859. He reached Calcutta in December 1859. He presented India’s first budget on February 18, 1860. In his budget, he rationalized various duties and announced income tax, license tax, and tobacco duty. The taxes were to remain stable for 5 years. It was so well received for ending uncertainty in taxation.
But, the dissenting voice came from Charles Trevelyan, Governor of Madras. He made public his disapproving minute. But the damage was done. So, Charles Canning forced James Wilson to drop the license tax and tobacco duty.
To conclude, James Wilson started the budget practice in India in the 1860s.
