15th Finance Commission Submits report To President On Monday

The NK Singh-headed 15th Finance Commission, the body that decides the shares of the Centre and states in all taxes and revenues of the nation, will submit its final report to President Ram Nath Kovind today (November 9). The report is unlikely to be made public anytime soon and will possibly be tabled in Parliament, along with an action-taken report, by finance minister Nirmala Sitharaman when she presents the Union budget next year on February 1. The 15th Finance Commission’s report is significant not only because the Union government’s relationship with states has frayed over payment of the Goods and Services Tax GST, compensation cess, but also due to the enormous pressures on revenues due to the Covid-19 pandemic. Commission had recommended that 41 per cent of the central taxes be transferred to the states for 2020-21. The one percentage point decrease is to provide for the newly formed union territories of Jammu and Kashmir, and Ladakh from the resources of the Centre.

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