As the nation awaits the Union Budget for 2024-25, the government is making preparations in that direction. Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget meeting. She held the meeting with Finance Ministers of all the States and Union Territories.
This Pre-Budget Meeting was organised by the Ministry of Finance and Corporate Affairs to take suggestions from the Finance Ministers of all the States and Union Territories, with Legislature for the upcoming Union Budget 2024-25.
The meeting was attended by the state finance ministers including Diya Kumari from Rajasthan, and Suresh Kumar Khanna from UP, among others at Bharat Mandapam.
Pre-budget consultations
Notably, the Finance Ministry is currently in the process of consulting different stakeholders on the budget. She has met economists, finance and capital market experts, and industry bodies. The first pre-Budget meeting was held on June 19.
The meeting was attended by Union Minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services, and corporate affairs, and the chief economic adviser. Moreover, on June 21, she met the leaders of Farmer Associations and Agriculture Economists.
GST Council meeting to be held today
Apart from the pre-budget meeting, Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council Meeting today. The meeting, to be held in the second half of the day, is the first GST council meeting post the formation of the new government.
GST Council meeting will also be attended by the State finance ministers. The GST Council meeting called by the Union Finance Minister is held to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges.
The Council, a means of collaborative deliberation of states and the union over one tax is a key player in shaping India’s indirect tax system making sure that it facilitates required tax relief to the people and corporations while also being in line with the country’s economic objectives.
Although the information on the agenda of the meeting is not yet announced in the public domain, the decisions and recommendations arising from the 53rd GST Council meeting will be crucial for various stakeholders, including businesses, policymakers, and the general public, and hence will be closely watched.
(With ANI Inputs)
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