Finance Minister Nirmala Sitharaman Leads Pre-Budget Talks With State Finance Ministers

??The meeting aims to gather valuable insights and recommendations for budget formulation.
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Finance Minister Nirmala Sitharaman Leads Pre-Budget Talks With State Finance Ministers (Image Source: X/Finance Ministry)

In preparation for the upcoming Union Budget 2024-25, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, held a crucial pre-budget consultation meeting on Saturday.

Who Is In The Meeting?

This meeting included finance ministers from various states and union territories (UTs). The meeting, held in New Delhi, was attended by senior officials from the finance ministry, the union minister of state for finance, and the chief ministers of Goa, Meghalaya, Mizoram, Nagaland, and Sikkim.
Additionally, deputy chief ministers from Bihar, Madhya Pradesh, Odisha, Rajasthan, and Telangana participated, along with other state finance ministers and senior officers.

What Is The Purpose Of Meeting?

The meeting aims to gather valuable insights and recommendations for budget formulation.

Nirmala Sitharaman Statement

In her remarks, Finance Minister Sitharaman emphasized the government’s continued support to states through timely tax devolution, Finance Commission grants, and the provision of GST Compensation arrears. She highlighted the 'Scheme for Special Assistance to States for Capital Investment', noting that while most loans are untied, some are linked to specific reforms and projects. She urged states to take advantage of these loans by meeting the necessary criteria.

Sitharaman First Finance Minister To Present Consecutive Budget

Sitharaman is set to become the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai's record of six.
Direct And Indirect Taxes
Earlier, the finance ministry had sought suggestions from trade and industry associations on direct and indirect taxes and changes in laws to reduce compliance burdens.
What Is Its Impact?
These suggestions could include changes in duty structure, tax rates, and ideas for broadening the tax base, backed by economic justification and relevant statistical data.
Changes In Customs And Excise Duties
For changes in customs and excise duties, the trade and industry were asked to provide detailed statistical information about production, prices, and revenue implications. Regarding direct taxes, the focus is on reducing compliance burdens, providing tax certainty, and minimizing litigations. The government aims to phase out tax incentives, deductions, and exemptions while rationalizing tax rates in the medium term.
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