Nirmala Sitharaman Leads Pre-Budget Meeting and GST Council Session

Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting on Saturday morning with Finance Ministers from all States and Union Territories. The meeting, organized by the Ministry of Finance and Corporate Affairs, aimed to gather suggestions for the upcoming Union Budget 2024-25.

Key participants included Uttar Pradesh Finance Minister Suresh Kumar Khanna and Rajasthan Finance Minister Diya Kumari. The Union Finance Ministry had already begun consultations with various economic stakeholders, including economists and industry experts.

Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council Meeting later in the day. This meeting, the first since the formation of the new government, will address issues related to the GST regime, such as tax rates and policy modifications. The outcomes of these meetings are highly anticipated by businesses, policymakers, and the general public.

The GST was introduced on July 1, 2017, and states were assured compensation for any revenue loss due to its implementation for five years. Preparations for the Union Budget 2024-25, the first for the third term of Prime Minister Narendra Modi’s government, are underway.