Jobs, growth, Budget, Bills and GST: For FM Nirmala Sitharaman and her officials, it’s busy days ahead

The Union finance ministry, which will once again be helmed by Nirmala Sitharaman, also allocated Rs 1.37 lakh crore of funds as instalment for tax devolution to states.

Union Budget 2024-25:

The top priority for the finance minister will be to finalise the Union Budget 2024-25, which has to be presented in a matter of weeks – early next month.

The middle class is hoping for some tax relief with social media flooded with calls for exemption in the capital gains tax regime as well as higher tax exemptions for those choosing to stay in the old income tax regime.

Goods and services tax:

As chair of the Goods and Services Tax Council, Sitharaman will also have to delve into a number of issues. Revenue from the indirect tax regime has been growing at a steady pace. A meeting of the GST Council is pending and is likely to be announced soon. Online gaming companies are hoping that it will take up the planned six-month review of the 28% tax on the sector and possibly provide some relief. Meanwhile, industry is hoping that the rate rationalisation exercise, under a Group of Ministers of the GST Council, will also be taken forward.

Read more at: bt Business Today