AMN / NEW DELHI
Government has constituted the 15th Finance Commission. Former bureaucrat and ex Member of Parliament NK Singh will chair the Commission which will make recommendations for the five years commencing 1st April 2020.
In a tweet, Economic Affairs Secretary Subhash Chandra Garg said, the commission will recommend devolution of shareable central taxes to the States. Mr Garg said, the Commission will also review several important aspects of federal fiscal finance.
Former Economic Affairs Secretary Shaktikanta Das and Adjunct Professor of Georgetown University, Dr Anoop Singh will be the members of the Commission.
Soon after the appointment, Mr N K Singh said it is imperative for such a panel to examine implications of GST on finance of the Centre and states.
The Commission will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Centre and the States and recommend a fiscal consolidation roadmap for sound fiscal management.
While making its recommendations, the Commission look at the resources of the Central and the State Governments for the five years commencing on 1st April 2020 on the basis of the levels of tax and the non-tax revenues likely to be reached by 2024-25. It will also look at the impact of the GST, including payment of compensation for possible loss of revenues for 5 years. The Commission wil make its report available by 30th October, 2019.