The government on 27 Nov. announced that former revenue secretary NK Singh will be the chairman of the 15th Finance Commission (FC) that will recommend distribution of taxes between the Centre and the states. Other members of the Commission are former economic affairs secretary Shaktikanta Das, former chief economic adviser Ashok Lahiri, Niti Aayog member Ramesh Chand and Georgetown University Adjunct Professor Anoop Singh.
The Commission will work on “the principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under Article 275 of the Constitution for purposes other than those specified in the provisos to clause (1) of that article,” the government said.
The Commission will also suggest measures to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities.
The panel has been asked to take into account the impact of the GST, including payment of compensation for possible loss of revenues for 5 years, and abolition of a number of cesses, earmarking thereof for compensation and other structural reforms programme, on the finances of Centre and States.
The Commission will also suggest measures to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities.
The panel has been asked to take into account the impact of the GST, including payment of compensation for possible loss of revenues for 5 years, and abolition of a number of cesses, earmarking thereof for compensation and other structural reforms programme, on the finances of Centre and States.
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