Finance Commission of India

Finance Commission of India | 15th Finance Commission | Download PDF

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Here we are sharing List of Finance Commission of India. You can download the pdf by clicking on the link given below.

Static GK PDF is an important part of General Awareness section of SSC, Railway, CTET, UPSC, IBPS, SBI, RBI, Police, State Exams and other competitive exams. Static GK PDF Notes-Finance Commission of India | Download PDF.Finance Commission of India

Finance Commission Programs of India: Under the constitutions 280 article, the president constitutes the Finance Commissions. Finance Commissions give their advises on tax revenue distribution between Union and States. The Bellow list gives you the Finance Commission Programs of India, its duration and chairman names. Planning commission I established in the year 1951. Planning commission I chairman was KC Nyogi. The presently Planning commission XIV is running and its chairman is Dr. Y V Reddy. 15th Finance commission was constituted in 2017 and is chaired by N. K.Singh. The secretary of 14th Finance Commission is Ajay Narayan Jha. Head Quarter- New Delhi.

Major Recommendations of 15th Finance Commission headed by N K Singh

The Fifteenth Finance Commission was constituted by the Government of India, after the approval from the President of India, through a notification in the Gazette of India in November 2017. Nand Kishore Singh was appointed as the commission’s chairman, with its full-time members being Shaktikanta Das and Anoop Singh and its part-time members being Ramesh Chand and Ashok Lahiri.

The commission was set up to give recommendations for five years commencing on 1 April 2020. The main tasks of the commission were to “strengthen cooperative federalism, improve the quality of public spending and help protect fiscal stability”. Some newspapers like The Hindu and The Economic Times noted that commission’s job was harder because of the rollout of goods and service tax (GST), as, it had taken certain powers related to taxation away from states and the Union and had given it to the GST Council

Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy

The share of states in the net proceeds of the shareable Central taxes should be 42%. This is 10 percentage points higher than the recommendation of 13th Finance Commission.

Revenue deficit to be progressively reduced and eliminated.

Fiscal deficit to be reduced to 3% of the GDP by 2017–18.

A target of 62% of GDP for the combined debt of centre and states.

The Medium Term Fiscal Plan(MTFP) should be reformed and made the statement of commitment rather than a statement of intent.

FRBM Act need to be amended to mention the nature of shocks which shall require targets relaxation.

Both centre and states should conclude ‘Grand Bargain’ to implement the model Goods and Services Act(GST).

Initiatives to reduce the number of Central Sponsored Schemes (CSS) and to restore the predominance of formula based plan grants.

States need to address the problem of losses in the power sector in time bound manner.

Major Recommendations of 13th Finance Commission headed by shri Vijay Kelkar.

The share of states in the net proceeds of the shareable Central taxes should be 32%.This is 1.5%points higher than the recommendation of 12th Finance Commission.

Revenue deficit to be progressively reduced and eliminated, followed by revenue surplus by 2013–14.

Fiscal deficit to be reduced to 3% of the GDP by 2014–15.

A target of 68% of GDP for the combined debt of centre and states.

The Medium Term Fiscal Plan(MTFP)should be reformed and made the statement of commitment rather than a statement of intent.

FRBM Act need to be amended to mention the nature of shocks which shall require targets relaxation.

Both centre and states should conclude ‘Grand Bargain’ to implement the model Goods and Services Act(GST).To incentivise the states, the commission recommended a sanction of the grant of Rs500 billion.

Initiatives to reduce the number of Central Sponsored Schemes(CSS)and to restore the predominance of formula based plan grants.

States need to address the problem of losses in the power sector in time bound manner.

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