(Image source from: x.com/FinMinIndia)
As part of the pre-Budget consultations, the Union Finance and Corporate Affairs Minister chaired another meeting with state and UT finance ministers on Saturday. This important meeting lays the foundation for the development of the entire future budget and brings together key stakeholders to provide valuable insights and recommendations. Ministry representatives were also present at this meeting. Finance and Corporate Affairs Minister @nsitharaman chaired the #Prebudget talks with Finance Ministers (with Parliament) of States and Union Territories for the upcoming Union Budget in New Delhi today. Media Platform X. Union Finance Ministers and Chief Ministers of Goa, Meghalaya, Mizoram, Nagaland and Sikkim were present. The deputy chief ministers of Bihar, Madhya Pradesh, Odisha, Rajasthan and Telangana also took part in the consultation meeting. The meeting was also attended by state finance ministers and other ministers, senior officials of states and union territories (including Parliament) and the federal government. In his remarks, State Minister Sitharaman highlighted the government's support to states through timely fiscal decentralization, Finance Commission grants and compensation for GST arrears as drivers of growth.
Union Finance Minister Smt. @nsitharaman chairs the 53rd meeting of the GST Council, at Bharat Mandapam, New Delhi, today.
— Ministry of Finance (@FinMinIndia) June 22, 2024
Along with the Union Finance Minister, Union Minister of State for Finance Shri @mppchaudhary; Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers… pic.twitter.com/9zge8ahX8R
On the 'Special Assistance Scheme for States for Investment', Sitharaman said that while most of the loans have been disbursed, some are conditionally linked to people-oriented reforms and capital projects of the States. You can benefit from these loans if you meet the required conditions. Nirmala Sitharaman is expected to become the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai's record of six consecutive Union Budgets. The ministry had earlier asked business and industrial associations to submit proposals on direct and indirect taxes as well as legal reforms to reduce compliance with the 2024-25 budget. The ministry said that these proposals included ideas for changing the tariff structure, changing tax rates and increasing the tax base in direct and indirect taxes that may be economically justified. For customs and excise tax changes, businesses and industries must supplement and justify their requests with relevant statistical information about the impact of the proposed changes on production, prices and revenues.
The demand for a review of the reverse taxation structure must be supported by value creation at every stage of goods production. Regarding direct taxes, according to the ministry, the recommendations may include reducing requirements, ensuring tax security and reducing litigation. The government's medium-term policy is to rationalize tax rates while gradually reducing tax incentives, deductions and exemptions. The first session of the 18th Lok Sabha will begin on June 24, when the new members of the lower house will take oath and elect a Speaker. President Draupadi Murmu will address a joint session of the Lok Sabha and Rajya Sabha on June 27 and outline the new government's roadmap for the next five years. The session ends on July 3. During the first three days of the first session, the newly elected leaders take the oath of office and elect a speaker. The entire 2024-2025 budget is expected to be presented to Parliament in the second half of July. Both houses of the Parliament are expected to meet again in the third week of July to present the Union budget.
