Join us for live updates and insights on the Union Budget announcement by Finance Minister Nirmala Sitharaman, expected in July.
Finance Minister Nirmala Sitharaman emphasized the Centre’s support to states with timely tax devolution and GST compensation arrears to boost growth on Saturday. At the pre-budget meeting with state finance ministers, Sitharaman encouraged states to make use of the scheme where the Centre offers a 50-year interest-free loan for specific reforms. She also highlighted the government’s support through timely tax devolution, Finance Commission grants, and GST compensation arrears to stimulate growth, according to an official statement.
As per latest reports, the FM will table the budget 2024-25 in the third week of July, with the commencement of the Monsoon Session of the Parliament. The Monsoon Session is set to begin on July 22, per sources. The session is likely to continue until August 9. Stay with us here as we provide real-time updates, insights, and expert opinions on what to expect from the upcoming budget.
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Live Updates
23:10 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: What is DDT
Earlier, the Indian government imposed the Dividend Distribution Tax (DDT) on dividends paid by domestic companies, regardless of whether the companies had already paid income tax on the profits from which the dividends came. Introduced in 1997, DDT was a separate tax borne by companies. However, in the 2020-21 Budget, the government abolished DDT. Now, companies no longer pay this tax on distributed dividends. Instead, shareholders are liable to pay taxes on dividends they receive, according to their individual income tax rates. This change aimed to simplify dividend taxation and bring it more in line with international practices, where shareholders directly bear the tax on dividends.
21:46 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Fertilizer stocks
Fertilizer stocks could see significant activity this week following the GST Council’s recommendation to the Group of Ministers (GoM) to exempt fertilizers from the current 5% Goods and Services Tax (GST) levy.
20:27 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Chennai Metro Rail Phase II project
During the pre-budget meet on Saturday, the Tamil Nadu government asked Union Finance Minister Nirmala Sitharaman to allocate Rs 63,246 crore in the upcoming union budget for the Chennai Metro Rail Phase II project. The project’s foundation stone was laid back in November 2020, and now they’re looking to move forward with full funding support from the central government.
19:27 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: RBI Governor Shaktikanta Das on unsecured loans
Reserve Bank Governor Shaktikanta Das stated that timely actions on unsecured loans have successfully moderated their growth. Speaking at the second global conference on financial resilience organized by the College of Supervisors in Mumbai, he remarked, “We believed it was prudent to act proactively and decelerate credit growth in these segments.”
18:55 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Understanding dividend distribution Tax (DDT)
Previously, the Indian government levied the Dividend Distribution Tax (DDT) on dividends paid by domestic companies, regardless of whether those profits had already been taxed. Introduced in 1997, DDT was a distinct tax paid by companies. However, the 2020-21 Budget saw the abolition of DDT. Now, companies no longer bear this tax on distributed dividends; instead, shareholders are taxed on the dividends they receive, according to their individual income tax rates. This reform aimed to simplify the dividend taxation process and align it with international standards, where shareholders are directly responsible for paying taxes on their dividends.
18:23 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Budget could be more populist
In the latest parliamentary elections, Modi’s Bharatiya Janata Party (BJP) failed to achieve an outright majority for the first time since its 2014 ascent to power. This shift was largely driven by voter dissatisfaction with unemployment and rising living costs. Economists predict that the BJP’s diminished electoral performance could prompt a shift towards more populist spending measures in the upcoming budget.
18:15 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Pre-budget consultations amid political climate
This week, Finance Minister Nirmala Sitharaman is holding pre-Budget consultations with a diverse group of stakeholders, including economists, trade unions, and industry chambers. According to local media reports, the Union Budget is expected to be announced on July 22.
17:53 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Govt may cut tax cut for lower income individuals
The Prime Minister Narendra Modi-led government is considering measures worth over Rs 50,000 crore ($6 billion) to boost consumption in India‘s upcoming Union Budget. This includes potential tax cuts for lower-income individuals, marking the first such cuts in seven years, sources told Bloomberg.
15:27 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: What was the education sector allotted in the interim budget?
In February 2024, during the interim budget speech, Finance Minister Nirmala Sitharaman announced a budget allocation of ₹73,498 crore for the Department of School Education and Literacy.
14:54 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: What RBI governor Shaktikanta Das said
Reserve Bank Governor Shaktikanta Das stated that timely actions on unsecured loans have successfully moderated their growth. Speaking at the second global conference on financial resilience organized by the College of Supervisors in Mumbai, he remarked, “We believed it was prudent to act proactively and decelerate credit growth in these segments.”
14:02 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Odisha seeks higher allocation of funds from Centre
The new BJP government in Odisha has submitted a memorandum to the Centre seeking the expansion of Paradip port, a second AIIMS at Sambalpur and higher allocation of funds to further accelerate infrastructure development in the state.
13:27 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Lower-income individuals may get income tax cut
The Prime Minister Narendra Modi-led government is considering measures worth over ₹50,000 crore ($6 billion) to boost consumption in India‘s upcoming Union Budget. These measures include potential tax cuts for lower-income individuals, marking the first such cuts in seven years, sources informed Bloomberg.
12:53 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Online Gaming stocks
Online gaming stocks might see significant movement on Monday following the industry‘s dashed hopes for a review of the 28% GST. Reports indicate that the Finance Minister confirmed the issue was not discussed during the recent meeting.
12:23 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Fertilizer stocks
Fertilizer stocks could see significant activity this week following the GST Council’s recommendation to the Group of Ministers (GoM) to exempt fertilizers from the current 5% Goods and Services Tax (GST) levy.
12:08 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Goa seeks Rs 700 cr for water projects
Goa Chief Minister Pramod Sawant has sought Rs 700 crore from the Centre for water augumentation projects and Rs 300 crore grant for the decennial exposition of St Francis Xavier’s relics scheduled later this year, officials said on Sunday.
11:29 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: All about DDT
Earlier, the Indian government imposed the Dividend Distribution Tax (DDT) on dividends paid by domestic companies, regardless of whether the companies had already paid income tax on the profits from which the dividends came. Introduced in 1997, DDT was a separate tax borne by companies. However, in the 2020-21 Budget, the government abolished DDT. Now, companies no longer pay this tax on distributed dividends. Instead, shareholders are liable to pay taxes on dividends they receive, according to their individual income tax rates. This change aimed to simplify dividend taxation and bring it more in line with international practices, where shareholders directly bear the tax on dividends.
11:07 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: TN govt requestes allocation for Chennai Metro Rail Phase II project
During the pre-budget meet on Saturday, the Tamil Nadu government asked Union Finance Minister Nirmala Sitharaman to allocate Rs 63,246 crore in the upcoming union budget for the Chennai Metro Rail Phase II project. The project’s foundation stone was laid back in November 2020, and now they’re looking to move forward with full funding support from the central government.
10:50 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: States urge Centre to grant more money
During the meeting in pre-budget meet in Delhi on Saturday, Goa CM stressed on the need for an additional grant of Rs 300 crore for the decennial exposition of the relics of St Francis Xavier. Sawant also demanded money for Konkan Railway to strengthen connectivity.
10:29 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: 18th Lok Sabha’s inaugural session starts tomorrow
The 18th Lok Sabha’s inaugural session starts on Monday with newly elected members taking their oaths. The election of the Lok Sabha Speaker is scheduled for June 26, followed by President Droupadi Murmu addressing a joint session of both Houses on June 27.
10:00 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Goa CM asks for financial assistance
Goa Chief Minister Pramod Sawant has requested Rs 700 crore from the central government for water augmentation projects and an additional Rs 300 crore for the upcoming decennial exposition of St. Francis Xavier’s relics later this year, officials announced on Sunday. During a pre-budget meeting chaired by Union Finance Minister Nirmala Sitharaman in New Delhi on Saturday, Sawant emphasized that these initiatives are crucial for Goa’s development.
09:45 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Capex details
In FY24, untied capital expenditure loans were set at Rs 1 trillion, with an additional Rs 30,000 crore designated for reform or project-specific loans. For FY25, the government increased the total capex loans to states to Rs 1.3 trillion, but allocated Rs 75,000 crore of this amount to be specifically tied to state reforms.
09:22 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: What did Odisha Dy CM say in pre-budget meeting?
Odisha’s Deputy Chief Minister, Singhdeo, in the pre-budget session mentioned that if the central government provided early information about each state’s annual budget allocation and the sharing pattern, it would help states plan their budgets more accurately. He also requested an additional 5 lakh houses for Odisha under the Pradhan Mantri Awas Yojana (PMAY) for the year 2024-25.
09:01 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Chhattisgarh needs financial assistance to huild its capital
Chhattisgarh’s finance minister, OP Choudhary, asked for help from the central government to build the state’s capital, Nava Raipur Atal Nagar.
08:44 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: What does Kerala want?
Kerala has asked for a special package of Rs 24,000 crore over two years to help with its financial difficulties. The state’s finance minister, KN Balagopal, also requested an additional Rs 5,000 crore for developing Vizhinjam port and another Rs 5,000 crore for infrastructure projects like the Calicut-Wayanad tunnel road and for speeding up the approval of the semi-high speed railway line.
08:23 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Demand for increase in 50-year interest-free capex loan
In the pre-budget session, Odisha, Chhattisgarh, and West Bengal have called for an increase in the untied 50-year interest-free capital expenditure loan from the interim budget’s Rs 55,000 crore for FY25 to Rs 1 trillion.
08:01 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: What happened at the pre-budget meeting?
At the pre-budget meeting in Delhi with Union Finance Minister Nirmala Sitharaman, the finance ministers of West Bengal and Tamil Nadu mentioned that the cesses and surcharges from the Centre are affecting the resources that get transferred to the states.
07:38 (IST) 23 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: Odisha asks for funds to develop infrastructure in state
The new BJP government in Odisha has asked the Centre for help with expanding Paradip port, setting up a second AIIMS in Sambalpur, and increasing funds for infrastructure development in the state. This request was made in a memorandum submitted by Odisha Deputy Chief Minister K V Singh Deo during a meeting of state finance ministers held before the Union Budget. The meeting was led by Union Finance Minister Nirmala Sitharaman in New Delhi on Saturday.
23:34 (IST) 22 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: New record for budget
Nirmala Sitharaman is poised to set a new record for presenting the most consecutive Union Budgets in India. With the upcoming Union Budget 2024, she will surpass former finance minister Morarji Desai’s record of six consecutive budget presentations. This budget is anticipated to outline the economic agenda for Modi 3.0.
21:37 (IST) 22 Jun 2024
New GST Council Convenes for First Meeting Under New Government
The 53rd meeting of the Goods and Services Tax (GST) Council marks the first gathering since the new government took office. State finance ministers will join this important session to discuss various aspects of the GST system. As usual, the GST Council will address topics such as tax rates, policy modifications, and administrative challenges. This council plays a crucial role in shaping India‘s indirect tax framework, aiming to balance business and citizen tax relief with the country’s economic goals.
21:13 (IST) 22 Jun 2024
FM Nirmala Sitharaman Budget 2024 Date Announcement Live Updates: When budget was leaked?
The Union Budget was leaked in 1950, despite its great security. During that time, John Mathai served as the Finance Minister. Following the leak, the printing of the budget was moved from Rashtrapati Bhawan to Minto Road. After 1980, the budget printing process moved to the North Block basem*nt.
