Fifteenth Finance Commission

Centre approves 'terms of reference' for the 16th Finance Commission

The government has approved the 'Terms of Reference' for the 16 Finance Commission, which makes recommendations on sharing of tax revenues between the Centre and states. The recommendations would cover a five-year period commencing April 1, 2026, Information and Broadcasting Minister Anurag Thakur said on Wednesday, giving details about the decisions taken at the Cabinet meeting last evening. The commission would submit its report by October 31, 2025, Thakur said. The 15th Finance Commission was constituted on November 27, 2017. It made recommendations covering a six-year period commencing April 1, 2020 through its interim and final reports. The recommendations of the 15th Finance Commission are valid up to financial year 2025-26. Article 280(1) of the Constitutions lays down the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and states; allocation between states of respective shares of such

11 states budgeted revenue deficit in FY24 amid tapering grants: Report

The 15th finance commission has recommended revenue deficit grants worth Rs 2.95 trillion for 17 states between FY22 to FY26

Revenue deficit grant of Rs 6,194 cr released to 14 states: Govt

With the release of this installment, a total amount of Rs 74,340 cr has been released to eligible states in FY21, says Ministry of Finance

Resource crunch

Higher tax-GDP is a must for financing security and development

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

Best of BS Opinion: Fragile democracy, IBC set to resume, and more

Here's a selection of Business Standard opinion pieces for the day

Finance Commission's dose of reality

The Commission has also accomplished a remarkable job, given the clumsy and normatively biased Terms of Reference (ToR) that it had to work with

Statsguru: The Fifteenth Finance Commission lays down fiscal road map

Revenue of Centre and states is just 19 per cent of GDP, according to the International Monetary Fund.

Need to revisit Constitutional provisions on federal structure: N K Singh

Singh also called for moving to a fiscal deficit range rather than a specific number to better judge expenditure outcomes of states

GST not a perfect system, requires changes, rate rationalisation: N K Singh

Says finance commission's job is to reconcile divergent objectives

Why the fifteenth finance commission report merits a proper discussion

It is vital that we have a proper discussion on the medium-term economic and fiscal situation based on the Fifteenth Finance Commission medium-term assessment

Centre, states may welcome N K Singh's plan for fiscal deficit range

The 15th Finance Commission Chairman had pushed for a range instead of a fixed number, saying it is more realistic and will lead to less accounting engineering

FinComm meets HRD ministry to discuss impact of new tools in COVID-19 times

An official statement said that the Commission had called for this meeting more specifically for the purpose of making its recommendations in its report for FY21 and FY26 on the subject of education

Don't reduce devolution

Increasing grants and tied funds not enough

Public finances: Something doesn't add up

Revenues for 2019-20 projected in the July Budget simply cannot be realised

Finance Commission chief N K Singh questions 'discriminatory' IMF scrutiny

This comes days after IMF Chief Economist Gita Gopinath cautioned the Fund may revise India's growth forecast 'significant downward'

EAC of Finance Commission deliberates on ways to improve tax collections

Talking to reporters, Finance Commission Chairman N K Singh said the Commission plans to make recommendations on Goods and Services Tax (GST), which will be for the GST Council to consider

GST must go back to drawing board; rates need to be simplified: N K Singh

The official said that GST needed to be revenue neutral and that the GST Council needed to move from multiplicity of rates to one standard rate.

Fifteenth FC may have kept devolution of divisible tax pool unchanged

The interim report is likely to be made public just before or on the day of the Budget

Why finance panel may ask the govt to overhaul, reduce central schemes

Centrally sponsored schemes are funded by Centre and states combined, as opposed to central sector schemes which are funded wholly by the Centre