The 13th Finance Commission today submitted its report to President Pratibha Patil on devolution of central tax receipts between the Union and the state governments.
The report of the Finance Commission, headed by former Finance Secretary Vijay Kelkar, assumes importance since reforms in the direct and indirect taxes areas are likely to be in place in the next couple of years in the form of Goods and Services Tax (GST) and Direct Taxes Code.
Kelkar presented the report to Patil at the Rashtrapati Bhavan.
The report will be given by the President to the Finance Ministry, which will take it up with the Cabinet. Cabinet will then adopt the report and is expected to table it in the Budget session of Parliament.
The recommendations of the report, which covers the five-year period commencing April 1, 2010, may find place in the Union Budget for the next fiscal.
