Current Affairs

NK Singh Appointed 15th Finance Commission Chairman

Former Planning Commission Member NK Singh has been appointed as chairman of 15th Finance Commission

  • He will look into impact of GST on finances of the Centre and states, said a notification.
  • The commission will recommend devolution of shareable central taxes to the states and their inter-se distribution. 
  • It will also review several important aspects of federal fiscal finance and make recommendations, by October 2019, for five years commencing April 1, 2020
  • Other members of the commission are former Economic Affairs Secretary Shaktikanta Das and former Chief Economic Advisor Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University professor Anoop Singh.
  • The panel will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Union and the states.
  • As per Article 280 of the Constitution, the commission is required to make recommendations on the distribution of the net proceeds of taxes between the Centre and the states.
  • The commission also suggests the principles which should govern the grants-in-aid of the revenues of the states out of the Consolidated Fund of India and will examine progress made in promoting ease of doing business by effecting related policy and regulatory changes and promoting labour intensive growth.
  • The commission will use the population data of 2011 while making its recommendations.
  • The 14th Finance Commission, headed by YV Reddy, was set up on January 2, 2013. Its recommendations cover the period from April 1, 2015 to March 31, 2020.
NK Singh Appointed 15th Finance Commission Chairman NK Singh Appointed 15th Finance Commission Chairman Reviewed by insiya yadav on November 29, 2017 Rating: 5

No comments: