As an important constitutional entity, the commission is committed to balancing competing claims and priorities among all three tiers of government in a credible manner. The fifteenth finance commission xvfc or 15fc is an indian finance commission constituted in november 2017 and is to give recommendations for. Current affairs 2016 finance commission recommendation. It has done well to ask that such extrabudgetary liabilities be clearly earmarked and eliminated in a timebound manner.
The finance commission is a constitutional body formed by the president of india to give suggestions on centrestate financial. The fifteenth finance commission fc, in its report for fiscal year 202021, has recommended a marginal reduction in the vertical devolution. Highlights of 14th finance commission report government. 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. A watershed 14th finance commission gs paper 3,business standard.
Performance grant is to be received for the period of 5 years during the year 201520. All you need to know about finance commission the hindu. Performance grant is to be received from the year 201617. Fee and commission income declined due to lower loanrelated income, stockbroking and fund management fees. The commission is headed by former reserve bank of india rbi governor y v reddy. This is the largest ever jump in percentage of devolution. You can expect at least 1 to 2 questions from list of finance commission and their head in any competitive exams. States share in the net proceeds of union tax revenues increased to 42% from 32% earlier. So lets get started and first have a look at what all you can expect from this lecture. Cabinet extends term of 15th finance commission 27 nov, 2019, 07. Lower dividend income was the result of lower payout by affiliated companies.
The commission has to submit the report to the government by october 30. States share in net proceeds from tax collections be 42% a huge jump from 32% recommend by the th finance. Its primary job is to recommend measures and methods on. The commission has had to carry out its remit in a particiularlv dlifficult fiscal situation. It was established under article 280 of the indian constitution by the president of india. The 15th finance commission submitted the report of the commission for the financial year 202021 for further action. Presentation to the fourteenth finance commission recommendations on urban local bodies accounting, audit and reporting july 2014. 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. And because finance commission is in the news you might expect a question on finance commission or the report of the finance commission in this years prelims examination. 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. A watershed 14th finance commission gs paper 3,business. Report summary report of the thirteenth finance commission.
The fourteenth finance commission fcxiv was constituted by the president under article 280 of the constitution on 2 january 20 to make recommendations for the period 2015 20. And this is a remarkable achievement, remarkable development. Review and outcomes the 14th finance commission ffc was constituted on 2nd january, 20 and submitted its report on 15th december, 2014. The finance commission miscellaneous provisions act, 1951 additionally defines the terms of qualification, appointment and. The commission submitted its report to the president on 30th december 2009 covering all aspects of its mandate composition. 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. Recommendations of the 14th finance commission the hindu. Finance panel to discuss centre, states fiscal responsibility and budget management 03 mar, 2020, 06. The th fc was constituted by the president under article 280 of the indian constitution on th november 2007 under dr. The twelfth finance commission tfc under the chairmanship of dr.
Highlights of the 14th finance commission report as compared to total devolutions in 201415, the total devolution of states in 201516 will increase by over 45 per cent. The fourteenth finance commission had submitted its report to the president pranab mukherjee in december 2014. Annual report 2018 annual report 2017 annual report 2016 annual report 2015 annual report 2014 en annual report 20 en annual report 2012 en fc circulars psdg cbg other fc guidelines guidelines 2020 for preparation of the provincial annual development plan annex 1 annex 2 annex 3 annex 4 annual needs assessment recurrent needs. Rajan kumar gupta md nazim khan tanmaya kundu bhaskar md. The 14th finance commission was setup by the president in january 2014 under the chairmanship of the former rbi governor y v reddy and its other members were sushma nath, m govinda rao, sudipto mundle, abhijit sen. The commission will submit its report for an extended period of 202122 to 2025 26 by october 30, 2020.
Tt agreed that the overall academic evidence on this topic is inconclusive, as. The recommendations for the period from 1st april, 2015 to 31st march, 2020 were. Other income, which is market dependent, and rental income were higher. Singh, members sshri ajay narayan jha, ashok lahiri, ramesh chand, anoop singh and secretary shri arvind mehta of the commission. Report and recommendations of fourth state finance commission tamil nadu 2012 2017 september 2011. Its main work is to give recommendations on distribution of central tax revenues between the union and the states. Introduction the fourteenth finance commission ffc was constituted by the president on january 2, 20 to give recommendations on specified aspects of centre state fiscal relations during 201520. Highlights of the 14th finance commission s recommendations by continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.
Fourteenth finance commission ffc for rural and urban local bodies local bodies grant. The report of the fourteenth finance commission ffc was tabled in parliament yesterday. The government has accepted its farreaching, indeed radical, recommendations that have the potential to redefine indian federalism in a long overdue and desirable manner. List of finance commissions and their heads list of finance commissions and their heads is an important static gk topic for mba, bank po and other competitive exams. The tenth finance commission of india was incorporated in the year 1992 consisting of shri krishna chandra pant as the chairman. List of finance commissions and their heads wordpandit. Report of tenth finance commission s guhan in the sequence of finance conmmission reports, the tenth finance commissions is amtiong the outstanding ones. Read more about highlights of the 14th finance commission report on business standard. On the whole the finance commission faces new challenges in the process of the evolution of our federal polity. It is a body set up under article 280 of the constitution. The fifteenth finance commission ffc submitted its first report for financial year 202021 to president ram nath kovind on thursday, setting the stage for a. It was formed to define the financial relations between the central government of india and the individual state governments. Download 15th finance commission report pdf for upsc 2020.
Report of the fourteenth finance commission 20152020. Case for smiles annual report 2015 page 2 new name, new look, same passion 2015 was a momentous year for us. Annual report pdf financial report pdf magazine pdf financial highlights xls product stewardship management report. Up financial highlights pt 1 financial highlights pt 2 financial highlights pt 3. About finance commission article 270 sharing of central taxesarticle 275 grant in aid of revenues grantinaidstatutory grantsnonplan grants are to be given to the states in need of assistance and the amount of grantinaid and the principles for judging the eligibility of states for these grantsinaid are to be determined by the finance commission. Singh chairman of 15th finance commission of india. Whitaker report, finance and ppp, finance commission. It was formed to define the financial relations between the centre and the state. 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. The 14 th finance commission has submitted its report to the president pranab mukherjee. 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. Get complete information on twelfth finance commission of. The 15th finance commission submitted the report for 2020. Its recommendations are also geared towards improving the quality of public spending and promoting fiscal stability.
It is an idea i fully support, delivering a steady source of income, bringing decisionmaking. For the first time website created for state finance commissions by the fourth state finance commission. The final report for the period 1 april 2021 to 31 march 2026 will be. From 30th december 1952, when the first finance commission submitted its report to 7th july 2002 when the eleventh finance commission completed its labour there has been hardly any controversy about its reports, except in 1984, when the recommendations of the eight commission were not. 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. Ficci economic affairs and research division highlights of 14th finance commission report, february 2015. Minutes 9th january london finance commission 3 no. Looking back highlights from 2015 by the numbers 120 chapters and s of volunteers more than 330 hospitals served 211,311 pillowcases delivered in 2015 1.
Report of the 15th finance commission for fy 202021 prsindia. Explanatory memorandum as to the action taken on the recommendations made by the 14th finance commission in its report submitted to the president on december 15th, 2014. Highlights of the 14th finance commission report business. The finance commission is a constitutionally mandated body that is at the centre of fiscal federalism.
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