On Saturday morning, Union Finance Minister Nirmala Sitharaman chaired a crucial pre-budget meeting with Finance Ministers from all States and Union Territories at the Bharat Mandapam venue. This gathering was organized by the Ministry of Finance and Corporate Affairs to gather suggestions for the upcoming Union Budget 2024-25.
The meeting saw the participation of various stakeholders, including Ministers of State and Finance Ministers from different states. Notable attendees included Uttar Pradesh Finance Minister Suresh Kumar Khanna and Rajasthan Finance Minister Diya Kumari.
#WATCH | Delhi: Union Finance Minister Nirmala Sitharaman chairs a pre-budget meeting with Finance Ministers of all States and Union Territories (with Legislature) to take suggestions for the upcoming Union Budget 2024-25.
Visuals from Bharat Mandapam. pic.twitter.com/9pdr9ncHN4
— ANI (@ANI) June 22, 2024
The Union Finance Ministry had already started consultations for the budget a few days prior. Sitharaman met with economists, finance and capital market experts, and industry bodies to gather insights. The first pre-budget consultation with leading economists was held on June 19, attended by Union Minister of State for Finance Pankaj Chaudhary, finance secretaries, and other key officials.
In the second half of the day, Sitharaman will chair the 53rd Goods and Services Tax (GST) Council Meeting. This will be the first GST Council meeting since the formation of the new government. State finance ministers will also be present.
The GST Council is pivotal in shaping India’s indirect tax system. It discusses tax rates, policy modifications, and administrative challenges related to the GST regime. The council’s decisions aim to balance company and citizen tax relief with the country’s economic goals.
While the specific agenda for the meeting hasn’t been disclosed, the outcomes are highly anticipated. Various stakeholders, including businesses and policymakers, will closely watch the decisions and recommendations as they could impact taxation, trade, and the overall economic landscape.
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The Goods and Services Tax was introduced in India on July 1, 2017. States were assured compensation for any revenue loss due to GST implementation for five years, as per the GST (Compensation to States) Act, 2017.
Preparations for the Union Budget 2024-25 are underway. This will be the first budget of Prime Minister Narendra Modi’s National Democratic Alliance government in its third term. The pre-budget meetings and consultations are part of a broader effort to create a comprehensive and balanced budget that addresses the needs and concerns of various sectors of the economy.
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