15th Finance Commission gets Cabinet go-ahead

ENS Economic Bureau, New Delhi, Published: November 23, 2017

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a proposal to set up the 15th Finance Commission (FC) and finalise its terms of reference, finance minister Arun Jaitley said on Wednesday after a meeting of the Union Cabinet.

Sources said, former revenue secretary and last chairman of the FRBM committee NK Singh is among the top contenders to head the 15th FC, although the government is yet to finalise the name of the chairman. Given that the commission will take around two years to complete the whole exercise, the government has taken the decision now for setting it up, Jaitley said. Upon endorsed by the government, the recommendations of the 15th FC will have to come into effect from April 1, 2020.

The FC is formed every five years to recommend principles governing the allocation of tax revenue between the Centre, states and local bodies. The recommendations of the previous 14th FC, headed by former RBI governor YV Reddy, are currently valid for a period of five years through March 2020. In the Budget 2017-18, the government had allocated Rs 10 crore for setting up of the 15th FC.

The 14th FC had suggested an unprecedented 10 percentage points rise in tax devolution to states to 42 per cent of the divisible pool of the tax revenue between FY16 and FY20, compared with the previous five-year period. It was accepted by the Narendra Modi government as it vouched for cooperative federalism.

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