Finance Minister Nirmala Sitharaman will commence pre-budget consultations with various stakeholders starting Friday, as part of the preparatory exercise for the Union Budget 2025-26.
The initial meeting on December 6 will involve discussions with economists to gather insights on addressing the economic slowdown, mentioned by the second quarter’s seven-quarter low GDP growth of 5.4%.
The Future of Tax and Finance: Upskill with Us
On December 7, consultations will continue with farmer associations, agriculture economists, and stakeholders from the MSME sector. These discussions aim to address sectoral concerns and gather inputs for shaping policies in the upcoming Budget. The pre-Budget exercise will conclude on December 30 with deliberations involving industry leaders and representatives from the education and health sectors, reported Business Standard.
The finance minister will be joined in these meetings by Minister of State for Finance Pankaj Chaudhary and key finance ministry officials, including Finance Secretary Tuhin Kanta Pandey and Economic Affairs Secretary Ajay Seth.
The minister also announced the revamp of income tax act. According to the reports, the changes could be the comprehension of the act. Also, it has received 65,000 suggestions to the ministry regarding the changes on the income tax act.
The Future of Tax and Finance: Upskill with Us
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman chaired a recent high-level meeting to discuss this comprehensive review, joined by key officials, including Sanjay Malhotra, Secretary of the Department of Revenue, Ravi Agarwal, Chairman of the Central Board of Direct Taxes ( CBDT ), and senior CBDT representatives.
Thus, these changes may impact the budget positively. The Union Budget 2025-26, expected to be presented on February 1, 2025. The 2025-26 Budget is anticipated to outline important policies to achieve the long-term vision of “Viksit Bharat” by 2047.
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