Budget 2024: FM Sitharaman to hold pre-budget consultation with industry stakeholders on June 20

Ahead of the rollout of Union Budget 2024 next month, Finance Minister Nirmala Sitharaman will hold pre-budget consultations with industry stakeholders on Thursday, June 20, news agency PTI reported.

Sitharaman would be meeting officials of apex industry chambers, representing sectors such as infrastructure, technology, manufacturing, and services.

The consultation round would be preceded by a meeting between the industry representatives and Revenue Secretary Sanjay Malhotra on June 18.

Sitharaman is also expected to hold consultations with finance ministers of states and union territories in the coming period, CNBC-TV18 reported.

Income tax rates to be tweaked?

On June 17, news agency Reuters reported, citing sources, that the government may reduce the taxation rates for individuals placed under the highest tax slabs.

The highest tax slab under the new tax regime is of income of ₹15 lakh per annum and above, which draws a tax rate of 30%.

Under the old tax regime, the highest tax slab pertains to an annual income of ₹10 lakh and above, which mandates a taxation rate of 30%.

The move is aimed at boosting consumption, the sources privy to the development told Reuters. However, the news could not be independently confirmed.

The government was yet to officially react to the news report.

When will Union Budget be presented?

The Union Budget is expected to be presented in the second half of July. While a Parliament session has been called from June 24 to July 3, the proceedings are likely to be restricted to the oath-taking ceremony of the MP-elects, the election of the new Lok Sabha Speaker, and the debate on the Motion of Thanks to the President's address.

The government is expected to reconvene the Parliament session from July 22 onwards and subsequently present the budget, the Economic Times reported. An official announcement, however, remains awaited.