Suggestions invited on centre-state fund allocation
GOANEWS DESK, PANAJI | 06 March 2013 22:03 IST
The Fourteenth Finance Commission has invited suggestions from the general public on several issues, including the centre-state share of revenue collection.
The Fourteenth Finance Commission has been constituted under the chairmanship of Dr. Y. V. Reddy.
The Commission shall make recommendations covering a period of five years commencing on the 1 April 2015.
The matter to be considered is the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter 1, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds.
It would include the principles which should govern the grants-in aid of the revenue of the States out of the Consolidated Fund of India and the sums to be paid to the States which are in need of assistance by way of grants-in-aid of their revenues.
Also the measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State would be taken into consideration.
The Commission shall review the state of the finances, deficit and debt levels of the Union and the States, keeping in view, in particular, the fiscal consolidation roadmap recommended by the Thirteenth Finance Commission
It has also asked to suggest measures for maintaining a stable and sustainable fiscal environment consistent with equitable growth including suggestions to amend the Fiscal Responsibility Budget Management Acts currently in force.
The Commission may also consider the effect of the receipts and expenditure in the form of grants for creation of capital assets on the deficits and recommend incentives and disincentives for States for observing the obligations laid down in the Fiscal Responsibility Budget Management Acts.
The Notice as well as relevant material on the previous Finance Commission is available on the website of the Finance Commission.
People have been requested to send their suggestion by 30 April, either by post of at the finance commission’s email id - [email protected].
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