The Finance Commission is a constitutionally mandated body established every five years to coin a formula for distributing the net tax proceeds between the Centre and the states, as well as among the states and local bodies.
The commission will be chaired by former vice chairman of Niti Aayog Arvind Panagariya, whose members will be assisted by Secretary Ritvik Ranjanam Pandey, two joint secretaries, and one economic advisor
The new positions are necessary to support the commission for its functions, while all other posts in the commission have already been created as per the delegated powers, according to an official statement.
Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the commission would review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.
The commission will examine current arrangements for funding disaster management initiatives with reference to the funds established under the Disaster Management Act, 2005. In addition, it will also review tax devolution and state revenue augmentation strategies.
Ahead of upcoming Assembly elections in Tamil Nadu, Bharatiya Janata Party (BJP) National President J P Nadda attended a public meeting at Modakurichi, Erode on April 3 and said Prime Minister Narendra Modi is the first PM who visited Jaffna and ensured safety of Tamil Nadu minorities.
The council suggested that the 15th Finance Commission under the chairmanship of N. K. Singh will have to take a nuanced approach towards tax devolution to the states, other transfers, financing of expenditures in the midst of revenue strains including through borrowings and the path of fiscal consolidation.
"The Union Cabinet approved the Fifteenth Finance Commission (FC) to submit its first report for the first fiscal year viz. 2020-21 and to extend the tenure of XV-FC to provide for the presentation of the final report covering FYs 2021-22 to 2025-26 by October, 31, 2020," an official statement said.
The Tamil Nadu government on Wednesday urged the Centre to release funds, including performance grant, due to the state under the 14th Finance Commission, saying it would help in providing amenities such as water supply and sanitation for the public.
The 15th Finance Commission headed by N.K. Singh on Wednesday commended policy measures taken by the Food Processing Ministry to raise farm income and generate value-added activities.
The government on Wednesday extended the 15th Finance Commission's term by a month till November 30, and broadened the ambit of its recommendation to include funds for defence and internal security, an official statement said.
Making the announcement, Uttarakhand Chief Minister Trivendra Singh Rawat said heads of the Finance commission and Niti Aayog would also participate in the one-day conference at the hill resort of Mussoorie.
Finance Commission Chairman N K Singh Tuesday stressed the need for a dialogue between the commission and Goods and Services Tax (GST) council to address various concerns on the taxation regime.
The 14th Finance Commission had allocated Rs 2591 crore for disaster management for Bihar, though the outlay was much higher for states including Maharashtra and Rajasthan, alleged Sushil Kumar Modi.
In a first-of-its-kind initiative, the finance ministers of south Indian states at a conclave at Thiruvananthapuram said that ToR was against the principles of federalism enshrined in the Constitution and also would result in revenue loss to the performing states.
Nagpur: Terming the BJP's win in Leh Hill Council polls in Jammu and Kashmir as a "good sign", Union Minister Prakash Javadekar today asserted that the party will replicate such victory in Bihar Assembly elections
New Delhi: Rejecting criticism that West Bengal has not gained from the 14th Finance Commission, Finance Minister Arun Jaitley today said the state will get Rs 2,85,200 crore during 2015-20, which is nearly three times
Guwahati: Accusing the Prime Minister of making a U-turn on his ‘acche din' (good days) pre-poll promises to the people of Assam, Chief Minister Tarun Gogoi today asserted that Narendra Modi has drastically cut Central
New Delhi: Delhi Chief Minister Arvind Kejriwal today pitched for a greater share for the national capital of the taxes it pays to the Centre and said the state government was not at loggerheards with
New Delhi: Though Narendra Modi's recommendation increasing the share of states in Central taxes to 42 per cent from the current 32 per cent, but the share of nine states has decreased.Andhra Pradesh (including Telangana),
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