Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with Finance Ministers of all States and Union Territories on June 22 to take suggestions for the upcoming Union Budget 2024-25.
The Union Finance Ministry began consultations on the Budget with different stakeholders a few days ago.
On June 19, Ms. Sitharaman chaired the first pre-Budget consultation meeting, which 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. She met economists, finance and capital market experts and industry bodies.
Meanwhile, Ms. Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council Meeting, the first meeting after the formation of the new government, later today. State Finance Ministers will attend the meeting. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India’s indirect tax system.
The information on the agenda for the meeting is not yet in the public domain, but, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders are keenly watching the meeting as it has the potential to influence taxation, trade, and the economy overall.
The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years.