A watershed 14th finance commission gs paper 3,business standard. The 15th finance commission submitted the report for 2020. The 14th finance commission report has been accepted by the center,the report has been tabled today. The fifteenth finance commission xvfc or 15fc is an indian finance commission constituted in november 2017 and is to give recommendations. The commission has recommended grants for health sector under its report. The 15th finance commission may split open demographic fault lines between south and north india. This was all from us in this blog of report of the 15th finance commission for fy 202021. This report would not have been possible without the contribution of a large. Highlights of the 14th finance commissions 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. The finance commission is a constitutionally mandated body that is at the centre of fiscal federalism. We will update the upcoming final report with recommendations for the 202126 period here in this same article. Devolution of union finance commission grants to panchayats. The eleventh finance commission of india was appointed by the president on 3 july 1998 for the period 20002005.
Fourteenth finance commission finance commission, india. Department of administrative reforms and public grievances, ministry of personnel, public grievances and pensions was set up in 1964 with a view to facilitate the pursuit of excellence in governance through promotion of improvements in government structures and processes etc. Well talk about the implications of 14th finance commission on mr. 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. A watershed 14th finance commission gs paper 3,business. The first report, consisting of recommendations for the financial year 202021, was tabled in parliament. Download fulltext pdf the th finance commissions report.
All this when you come back after writing your prelims examination. Adherence to the recommendations of finance commissions by the union. Whitaker report, finance and ppp, finance commission. 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. Cbga budget track volume 10, track 12, october 2014 2 rohith jyothish and saumya shrivastava in a note summarise the key demands by the different states for the 14th finance commission. The fourteenth finance commission report will go a long way towards promoting cooperative federalism. 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. Reddy 14th finance commission holds that tax devolution is the primary route for resource transfer to. 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. The recommendations for the period from 1st april, 2015 to 31st march, 2020 were presented for discussion on february 24th 2015. Fourteenth finance commission report maps of india. Singh chairman of 15th finance commission of india. The west bengal government appeals all to contribute in west bengal state emergency relief fund and assist the state government in prevention and control of situation arising out of unforeseen emergencies like covid19 corona.
Highlights of the 14th finance commission report business. This is the largest ever jump in percentage of devolution. Highlights of the presidents speech to parliament june 9, 2014 read more. These measurescould be recommendations on both grants in aid as. The fivemember panel is to submit its report by october 31, 2014. Former planning commission member n k singh was on monday appointed chairman of 15th finance commission, which among other things has. On march 19, 2020, the finance commission announced that it will monitor situation of covid19 before releasing its second report. The fourteenth finance commission of india was a finance commission constituted on 2. Performance grant is to be received for the period of 5 years during the year 201520. Read more about highlights of the 14th finance commission report on business standard. N k singh appointed chairman of 15th finance commission. Recommendations of the 14th finance commission the hindu. Download 7th pay commission full report in pdf,pay commission submitted its report to government of india.
Current affairs 2016 finance commission recommendation. 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. Accounting system and the national municipal accounts manual respectively. Contribution to this fund entitles you to claim 100% deduction under section 80g of the income tax act. Recommendations 14th finance commission headed by former rbi governor y. 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.
Pdf the 14th finance commission has been hailed as. Article 280 of the constitution of india requires the constitution of a finance commission every five years, or earlier. Here we are sharing some important information about 15th finance commission. 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. It is a body set up under article 280 of the constitution. Report of the fourteenth finance commission 20152020.
The recommendations, to be observed for a period of five years, will kick in from april 1, 2020 to march 31, 2025. States share in net proceeds from tax collections be 42% a huge jump from 32% recommend by the th finance. 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. The alarming issue of pornography on social media and its effect on children and society as a whole. The finance commission miscellaneous provisions act, 1951 was passed to give a structured format to the finance commission and to bring it to par with world standards, by laying down rules for the qualification and disqualification of members of the commission, and for their appointment, term, eligibility and powers. Review and outcomes the 14th finance commission ffc was constituted on 2nd january, 20 and submitted its report on 15th december, 2014. 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.
This is a single stage process consisting of only objective examination and no interview. Singh, members sshri ajay narayan jha, ashok lahiri, ramesh chand, anoop singh and secretary shri arvind mehta of the commission. But primarily, the finance commission makes recommendations to the president on the following matters. Report of the 15th finance commission for fy 202021. The fourteenth finance commission was constituted by the president under article 280 of the constitution on jan. Key features of the fourteenth finance commission recommendations to local. Its primary job is to recommend measures and methods on. Meera mehta and dinesh mehta highlight that the commission has. All you need to know about finance commission the hindu.
Reddy the government announced the constitution of the 14th finance commission under the chairmanship of former rbi governor y. The 15th finance commission may split open demographic. On the whole the finance commission faces new challenges in the process of the evolution of our federal polity. States share in the net proceeds of union tax revenues increased to 42% from 32% earlier. Highlights of 14th finance commission report ficci. Click here for interview guidance programme 201920 holi festival offer. The 14 th finance commission has submitted its report to the president pranab mukherjee. The standout recommendation of the 14th finance commission ffc is its recommendation that the share of states in the net proceeds of the shareable central taxes should be 42% against 32%. Highlights of 14th finance commission report government. Get complete information on twelfth finance commission of.
The twelfth finance commission tfc under the chairmanship of dr. In 202021, 14 states are estimated to have an aggregate revenue deficit of rs 74,340 crore. Report of the 15th finance commission for fy 202021 prsindia. Fourteenth finance commission ffc for rural and urban local bodies local bodies grant. Till then this was a special lecture on finance commission and the report of the 14th finance commission from prelims point of view. The 15th finance commission submitted the report of the commission for the financial year 202021 for further action.
For the period from 1st april, 2015 to 31st march, 2020, the 14th finance commission ffc was constituted by the orders of president on 2nd january, 20 and submitted its report on 15thdecember, 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. Performance grant is to be received from the year 201617. The final report for the period 1 april 2021 to 31 march 2026 will be. Recommendations made by the 14th finance commission of india the major recommendations of 14th finance commission headed by prof. Standard ncert textbooks of science physics,chemistry,biology, social from 6th to 10th standard, geography, history and political of. The fourteenth finance commission had submitted its report to the president pranab mukherjee in december 2014. In addition, this section makes use of the report on indian infrastructure and services, prepared by a highpowered expert. The commission is headed by former reserve bank of india rbi governor y v reddy. Conundrum of conditionalities article pdf available in economic and political weekly xiv48. Article 275 grant in aid of revenues grantinaidstatutory grantsnonplan grants are to. This piece describes the key recommendations and highlights some of their major implications.