Finance Commission – The News Desk

NEW DELHI: Two former finance commission chiefs N K Singh and Vijay Kelkar have raised key issues that policymakers need to address in the coming years to deal with changes in the economy.Kelkar, who headed the 13th Finance Commission, underlined the need to rationalise the GST structure and move to a single rate mechanism, something that was recommended by the panel ahead of the key tax reform.Besides, he has recommended sharing GST receipts with the third tier - panchayats and municipal bodies - while also calling for the secretariat to be made independent of the finance ministry.While rationalisation of rates has been discussed in the GST Council in the past, the current thinking is not in support of a single rate structure. A discussion on the issue is expected to take place after the...

NEW DELHI: The government is working on setting up the 16th Finance Commission over the next few weeks and is debating the terms of reference at a time when several states are facing financial stress and the Centre is worried over the impact of the spate of freebies announced across the country without factoring in the fiscal situation and the impact in the long run.While the 15th Finance Commission's award is valid up to the 2025-26 financial year, the Centre is keen to ensure that the next panel gets adequate time to deal with the issues and submit its recommendations. The last commission was impacted by the pandemic, which resulted in two sets of recommendations - one for FY 2020-21 and the second for 2021-26. Besides, Jammu & Kashmir and Ladakh were carved out as separate union te...

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Ex-finance commission panel chiefs raise key economic issues

Govt readies new finance panel mandate