Union Budget 2024 likely on July 22, Economic Survey on July 3, says report

Union Budget 2024: The Union Budget 2024 will likely be presented by Finance Minister Nirmala Sitharaman in the Parliament on July 22, News18 reported, citing government sources.

The Economic Survey document is likely to be released on July 3, according to the report. 

This will be the full Union Budget announcement by the government. An Interim budget was announced by Sitharaman on February 1, 2024, due to then-impending Lok Sabha Elections.

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Sitharaman Directs Officials to Work on Budget

Sitharaman took charge of the Finance Ministry, the same portfolio she held in the previous government, after the NDA got a majority to form the government. 

ANI reported that the finance minister met with senior officials on June 12 and directed them to initiate the preparation for the Union Budget 2024-2025.

Sitharaman directed officials to initiate the budget preparation process, and stressed the need for meticulous planning and comprehensive analysis, the ANI report added. This early start aims to ensure a well-structured budget effectively addressing the country's economic priorities and challenges.

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GST Council

A meeting of the Goods and Services Tax (GST) Council, headed by Sitharaman, will be held on June 22 in New Delhi. It is the first such meeting since October 2023.

“The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,” GST Council's official handle on social media platform X (formerly known as Twitter) wrote on June 13.

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The GST Council convenes regularly to discuss the GST framework, such as tax rates, policy amendments, and administrative matters. It plays a crucial role in shaping India's indirect tax system. 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.