Sitharaman Chairs Pre-budget Meeting With State, UTs Finance Ministers

A pre-budget meeting chaired by the Union Finance Minister Nirmala Sitharaman was held on Saturday at Bharat Mandapam, with state and union territories finance ministers.

Before this meeting, the Finance Ministry consulted with various stakeholders of the economy including economists, finance and capital market experts and industry bodies. On Saturday, the gathering was called to listen to suggestions for the upcoming Union Budget by the Ministry of Finance and Corporate Affairs with the finance ministers of all states and UTs, along with other stakeholders.

The first pre-budget meeting took place on 19 June chaired by the FM. It was attended by Union Minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser.

Sitharaman is also set to chair the 53rd goods and services tax (GST) Council Meeting with the state finance ministers in the second half of the day. The meeting will mark the first meeting of the GST Council after the formation of the new government.

The Council plays a critical role in shaping India's indirect tax system, so that company and citizen tax relief is facilitated.  While the information on the agenda of the Council meeting is not yet disclosed, the GST regime, such as tax rates, modifications to policies, and administrative challenges will be discussed by the GST Council.