Who is the chairman of th finance commission constituted in 2007 answer this multiple choice objective question and get explanation and result. Revenue deficit to be progressively reduced and eliminated, followed by revenue surplus by 202014. The commission is headed by former reserve bank of india rbi governor y v reddy. The eleven finance commissions, which have preceded the present one, have, through their recommendations, given. This is 10 percentage points higher than the recommendation of th finance commission. Cabinet changes terms of reference of 15th finance commission.
Thirteenth finance commission guidelines department of. There is little doubt that some of the recommendations, if. Read more about guidelines for local body grants recommended by the fourteenth finance commission. Singh chairman of 15th finance commission of india. The commission was headed by veteran economist of india, c. The 14th finance commission has recommended a record 10% increase in the states share in the union taxes to 42% as compared to the th finance commission. When the thirteenth finance commission was formed in 2008, the. The recommendations of the current finance commission will be for the five year period beginning april 1, 2010. Report of the task force on gst th finance commission.
The finance commission is a constitutional body formed by the president of india to give suggestions on centrestate financial relations. Recommendations are valid for a period of five years. View test prep 14th finance commission final from economics 106 at university of delhi. Recommendations of thirteenth finance comission implications for bihar pinaki chakraborty march 2011. The report of the th finance commission, is perhaps more comprehensive than any other report in its. Mar 04, 2010 the 1 st finance commission was constituted on 22 nd november 1951 under the chairmanship of k. Who is the chairman of th finance commission answers with. The twelfth finance commission of india was appointed on 1 november 2002 to make recommendations on the distribution of net proceeds of sharable taxes between union and states. Kelkar to head th finance commission the economic times. So 2 important takeaways from this is that forest cover has been used as a criteria by the 14th finance commission and 14th finance commission departed from th finance commission in that it did not use fiscal discipline as a criteria for horizontal devolution of funds. The 14th finance commission has done away with this. The fifteenth finance commission xvfc or 15fc is an indian finance commission constituted in november 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 1 april 2020. Nov 30, 2015 the major gainers in per capita terms turn out to be kerala, chhattisgarh and madhya pradesh for gcs and arunachal pradesh, mizoram and sikkim for scs.
The first report, consisting of recommendations for the financial year 202021, was tabled in parliament on february 1. Department of administrative reforms and public grievances, ministry of personnel, public grievances and pensions was set up in 1964 with a view to facilitate the pursuit of excellence in governance through promotion of improvements in government structures and processes etc. Apr 23, 2020 cabinet extends term of 15th finance commission 27 nov, 2019, 07. Report of the 15th finance commission for fy 202021. It is definitely going to appear in upcoming interviews and examinations. The commission submitted its report on 30 november 2004 and covered the period from 200510. The th finance commission and the third tier jstor. Fincom report accepted, states to get more tax money. The thirteenth finance commission of india was constituted by the president of india under the chairmanship of vijay l. The government of india, with the approval president of india, has constituted fifteenth finance commission. I am grateful to anjan mukherji for giving me the opportunity to write this paper. The first such commission was constituted on november 19, 1951.
The finance commission is a constitutionally mandated body that is at the centre of fiscal federalism. This is 10% more compared to 32% target set by th financial commission. The commission also lays down the principles for giving out grantinaid to states and other local bodies. Y v reddy the share of states in the net proceeds of the shareable central taxes should be 42%. Set up under article 280 of the constitution, its core responsibility is to evaluate the state of finances of the union and state governments, recommend the sharing of taxes between them, lay down the principles determining the distribution of. Major recommendations of 14th finance commission headed by prof.
Revenue deficit to be progressively reduced and eliminated. The full report of the recommendation is available in the finance commission web site fincom. The fifteenth finance commission xvfc or 15fc is an indian finance commission constituted in november 2017 and is to give recommendations. I am also grateful to manish gupta for helping me in clarifying certain issues discussed in the report. Report of the th finance commission 2010 2015 the government must cut its fiscal deficit to 3% of the gdp by the end of fiscal year 2014 and eliminate its revenue deficit in 201415.
The 14th finance commission reinforced the idea of the th finance commission to reduce or if possible eliminate revenue deficits. Nov 14, 2007 the recommendations of the th finance commission will cover the period of five years from april 1, 2010 to march 31 2015. Get complete information on twelfth finance commission of india. Thirteenth finance commission thfc with reference to the third tier. This is the largest ever jump in percentage of devolution. Apr 27, 2015 the 14th finance commission has been hailed as pathbreaking for recommending larger fund allocations to state governments and giving them more autonomy in spending these funds. Finance commission tax devolution formula for inter. Explore th finance commission profile at times of india for photos, videos and latest news of th finance. Local bodies during the state visits of the finance commission 157 163 i. The first report, consisting of recommendations for the financial year 202021, was tabled in parliament.
Report summary the finance commission is a constitutional body formed by the president of india to give suggestions on centrestate financial relations. Earlier, the finance commission was appointed in january 20 to give its report by october 31 this year. The commission recommends to increase the tax devolution of the divisible pool to states to 42% for years 2015 to 2020. Fourteen 14th finance commission economics study material. The twelfth finance commission tfc under the chairmanship of dr. Report of the task force on gst th finance commission report of the task force on gst th finance commission. The present document first records below in brief the recommendations of the thirteenth finance. The balance requirement is to be met from the free market. Singh, with its fulltime members being ajay narayan jha, ashok lahiri. Finance commission in its report has given their views on the devolution of tax receipts from the centre to the states from 1st april 2015 to 31st march 2020.
Nov 27, 2010 this special issue on the report of the thirteenth finance commission has eight experts evaluating its recommendations from different perspectives. The th finance commission was appointed by the president of india on november, 2007, under the chairmanship of dr vijay kelkar. National institute of public finance and policy abstract this special issue on the report of the thirteenth finance commission has eight experts evaluating its recommendations from different. Pdf critically appraising the recommendations of the thirteenth finance commission, this paper points out that despite some tinkering with one of the. Therefore, let us go through the important points about 14th finance commission. The 14th finance commission report has been accepted by the center,the report has been tabled today and it recommended that the center transfer 42% of divisible pool to the states, including taxes and grants the th finance commission had suggested it a 39. Report of the task force on judicial impact assessment. Critically appraising the recommendations of the thirteenth finance commission, this paper points out that despite some. The share of states in the net proceeds of the shareable central taxes should be 32%. While acknowledging the many plus points of the report, the writers also draw attention to its numerous drawbacks, ranging from a lack of proper attention and omissions to faulty logic. The finance commission is a constitutional body that is setup under the article 280 of the constitution of india by the president every five years. Highlights of 14th finance commission report february 2015 ficci economic affairs and research division government accepts 14th finance commission recommendation for tax devolution receipts states share in the net proceeds of union tax revenues increased to 42% from 32% earlier. The fourteenth finance commission was constituted by the president under article 280 of the constitution on jan.
Report of the thirteenth finance commission, table 12. Rangrajan was appointed on november 1, 2002, to make recommendations regarding the distribution between the union and the states of net proceeds of shareable taxes, the principles which should govern the grantsinaid of the revenues of states from the consolidated fund of india, and the measures needed to augment the. Article 280 of the constitution requires that a finance commission be constituted. Guidelines for local body grants recommended by the fourteenth finance commission. In reply to rajya sabha query regarding constitution of 7th pay commission, minister of state in the ministry of finance has replied that government has not taken any decision on the constitution of 7th pay commission. Set up under article 280 of the constitution, its core responsibility is to evaluate the state of finances of the union and state governments, recommend the sharing of taxes between them, lay down the principles determining the distribution of these taxes among states. New delhi 110016 content owned by finance commisssion of india. To recommend the distribution of the net proceeds of taxes between the centre and states, and among the states. The fourteenth finance commission is of the view that tax devolution should be the primary route of resources to the states. It is in pursuance of clause 1 of article 280 of the constitution, read with the provisions of the finance commission miscellaneous provisions act, 1951 e. Article 270, 272 during 110th finance commissions c.
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