(MENAFN- KNN India) Fifteenth finance commission to review status of finance, deficit; invites suggestions
New Delhi, Feb 23 (KNN) The fifteenth finance commission ahead of its meet has sought suggestions and feedback from the different stakeholders including general public, institution and industry including Micro, Small and Medium Enterprises (MSMEs).
'The Commission shall review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Union and the States, and recommend a fiscal consolidation roadmap for sound fiscal management., a release from Finance Ministry informed.
The release further said that the commission shall take into account the responsibility of the Central Government and State Governments to adhere to appropriate levels of general and consolidated government debt and deficit levels, while fostering higher inclusive growth in the country, guided by the principles of equity, efficiency and transparency.
The issues for consideration include:
-- 1. The impact on the fiscal situation of the Union Government of substantially enhanced tax devolution to States following recommendations of the 14th Finance Commission, coupled with the continuing imperative of the national development programme including New India 2022;
-- 2. The impact of the GST, including payment of compensation for possible loss of revenues for 5 years, and abolition of a number of cesses, earmarking thereof for compensation and other structural reforms programme, on the finances of Centre and States.
-- 3. Efforts made by the States in expansion and deepening of tax net under GST;
-- 4. Efforts and Progress made in moving towards replacement rate of population growth
-- 5. Progress made in increasing tax/non-tax revenues, promoting savings by adoption of Direct Benefit Transfers and Public Finance Management System, promoting digital economy and removing layers between the government and the beneficiaries;
-- 6. Progress made in sanitation, solid waste management and bringing in behavioural change to end open defecation.
The report by the commission shall be made available by 30th October, 2019, covering a period of five years commencing 1st April, 2020. The government has invited suggestions and views latest by 30th June 2018.
Interested ones may submit their suggestions/view by Post, addressed to the Secretary, fifteenth Finance Commission, 9th Floor, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi-110001.
The government will also be accepting inputs via emails at and through the web portal http://fincomindia.nic.in. (With PIB Inputs) (KNN/DA)
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