Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting on Saturday morning with Finance Ministers from all States and Union Territories. Organized by the Ministry of Finance and Corporate Affairs, the meeting gathered suggestions for the upcoming Union Budget 2024-25.
The event, held at Bharat Mandapam, saw the participation of Uttar Pradesh Finance Minister Suresh Kumar Khanna and Rajasthan Finance Minister Diya Kumari before its commencement.
Earlier consultations for the budget included meetings with economists, finance experts, capital market specialists, and industry representatives. Sitharaman led the first pre-budget consultations with economists on June 19, attended by Union Minister of State for Finance Pankaj Chaudhary, along with key officials from various finance-related departments.
Later today, Sitharaman will chair the 53rd Goods and Services Tax (GST) Council Meeting, the first under the new government. State finance ministers will also attend this crucial meeting, where discussions will cover topics such as tax rates, policy adjustments, and administrative issues within the GST framework.
The GST Council plays a pivotal role in shaping India's indirect tax system, ensuring it supports business and citizen tax relief while aligning with national economic goals. The outcomes of this meeting are eagerly anticipated by businesses, policymakers, and the public as they could impact taxation, trade, and overall economic dynamics.
Introduced on July 1, 2017, the Goods and Services Tax (GST) system included provisions to compensate states for revenue losses over a five-year period under the GST (Compensation to States) Act, 2017.
Preparations are now underway for the Union Budget 2024-25, marking the first budget of the third term of the Narendra Modi-led National Democratic Alliance government (NDA).
