Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with Finance Ministers of all States and Union Territories on Saturday morning. Organized by the Ministry of Finance and Corporate Affairs, this Pre-Budget Meeting aims to gather suggestions for the Union Budget 2024-25.
Key attendees included Uttar Pradesh Finance Minister Suresh Kumar Khanna and Rajasthan Finance Minister Diya Kumari, seen at the Bharat Mandapam venue. The Union Finance Ministry had already begun budget consultations with various economic stakeholders, including economists, finance and capital market experts, and industry bodies.
The first pre-budget consultation was held on June 19, chaired by Sitharaman and attended by Union Minister of State for Finance Pankaj Chaudhary, finance secretaries, and the chief economic adviser.
Later today, Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council Meeting, the first since the new government took office. State finance ministers will discuss GST-related issues, including tax rates, policy modifications, and administrative challenges. The GST Council plays a crucial role in shaping India’s indirect tax system, aiming to balance tax relief for businesses and citizens with economic objectives.
The agenda for the 53rd GST Council Meeting is not yet public, but its decisions will be closely monitored by businesses, policymakers, and the public for their potential impact on taxation and trade dynamics.
Introduced on July 1, 2017, GST assured states compensation for revenue loss for five years under the GST (Compensation to States) Act, 2017. Preparations are underway for the Union Budget 2024-25, marking the first budget of Prime Minister Narendra Modi’s third term with the National Democratic Alliance government.
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