Union Budget 2024 likely to be tabled in Parliament by third week of July

NEW DELHI : Finance Minister Smt. Nirmala Sitharaman took charge of the Finance Ministry and held a meeting with senior officials on Wednesday and directed them to initiate the preparation for the Union Budget 2024-2025.

FM directed the officials to initiate the budget preparation process, emphasizing the need for meticulous planning and comprehensive analysis. This early start aims to ensure a well-structured budget that addresses the country’s economic priorities and challenges effectively. The collaborative efforts of the ministry’s team are expected to contribute to a robust and strategic financial plan for the upcoming fiscal year. The Union Budget is likely to be tabled in Parliament by the third week of July.

Moreover, a meeting of the Goods and Services Tax (GST) Council headed by Union Finance Minister is scheduled to be held on June 22 here in the national capital. The meeting of the Council is the first such meeting since their last meeting in October 2023.

“The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,” GST Council’s official X handle wrote on Thursday.

As per the usual practice, the 53rd Goods and Services Tax Council meeting will be presided over by the Union Finance Minister, with the participation of state finance ministers and other stakeholders.

The GST Council convenes regularly to discuss matters pertaining to the GST framework, such as tax rates, policy amendments, and administrative matters.

Playing a crucial role in shaping India’s indirect tax system, the Council ensures alignment with the country’s economic objectives while alleviating the tax burden on individuals and businesses.

The outcomes of the 53rd GST Council meeting will be closely monitored by various stakeholders, including businesses, policymakers, and the public, given their potential to impact taxation, trade, and broader economic dynamics.