Union Finance Minister Nirmala Sitharaman chairs pre-budget meeting with State Finance Ministers

Union Finance Minister Nirmala Sitharaman chairs pre-budget meeting with State Finance Ministers


Union Finance Minister Nirmala Sitharaman will chair a pre-Budget meeting with Finance Ministers of all States and Union Territories on June 22, 2024 in New Delhi.

Union Finance Minister Nirmala Sitharaman chairs a pre-budget meeting with finance ministers of all states and union territories in New Delhi on June 22, 2024. | Photo credit: PTI

Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with finance ministers of all states and union territories on June 22 to seek suggestions for the upcoming Union Budget 2024-25.

The Union Finance Ministry had started budget discussions with various stakeholders a few days ago.

On 19 June, Smt Sitharaman chaired the first pre-budget consultation meeting attended by Union Minister of State for Finance Pankaj Choudhary, 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, Smt Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council meeting today, the first meeting after the formation of the new government. The meeting will be attended by finance ministers of the states. As is usually the case, the GST Council sits together to discuss issues related to the GST regime, such as tax rates, policy amendments and administrative challenges. The Council is a key player in shaping India's indirect tax system.

Though the agenda of the meeting is not yet made public, the decisions and recommendations taken in the 53rd GST Council meeting will be closely watched by various stakeholders as it has the potential to impact taxation, business and the overall economy.

The Goods and Services Tax was implemented in the country from July 1, 2017 and the states were assured compensation for five years for any revenue loss caused due to the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017.


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