NEW DELHI, June 22: Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with Finance Ministers from all States and Union Territories on June 22 to gather suggestions for the upcoming Union Budget 2024-25. The Union Finance Ministry had initiated consultations on the Budget with various stakeholders a few days prior.
On June 19, Ms. Sitharaman led the first pre-Budget consultation meeting, attended by Union Minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services, corporate affairs, and the chief economic adviser. During this meeting, she engaged with economists, finance and capital market experts, and industry bodies to gather their inputs.
Later today, Ms. Sitharaman will also preside over the 53rd Goods and Services Tax (GST) Council Meeting, the first since the formation of the new government. State Finance Ministers will attend this significant meeting, where the Council will address issues related to the GST regime, including tax rates, policy modifications, and administrative challenges. The GST Council plays a crucial role in shaping India’s indirect tax system.
Although the specific agenda for the meeting has not been disclosed, the decisions and recommendations from the 53rd GST Council meeting are anticipated to have substantial impacts on taxation, trade, and the overall economy. Various stakeholders are keenly observing the meeting’s outcomes.
The Goods and Services Tax was implemented in India on July 1, 2017. States were assured compensation for any revenue losses due to the GST implementation for five years, as per the provisions of the GST (Compensation to States) Act, 2017.
