15th Finance Commission to study impact of GST on finances, fiscal deficit and debt levels: N K Singh

15th Finance Commission will recommend fiscal consolidation road map for sound fiscal management in post-GST India.

PTI November 28, 2017 11:19:39 IST
15th Finance Commission to study impact of GST on finances, fiscal deficit and debt levels: N K Singh

New Delhi: N K Singh, the newly appointed Chairman of the 15th Finance Commission, on Monday said it is imperative for such a panel to examine implications of GST on finance of the Centre and states.

"The fact that GST was propelled through several constitutional amendments which included the states being participants in these constitutional amendments enjoins upon any Finance Commission the need to examine implications of GST in terms of finances of both the Centre and states because this is about the fiscal issue of the general government," he said.

15th Finance Commission to study impact of GST on finances fiscal deficit and debt levels N K Singh

23rd GST Council meet.

Soon after the appointment, he said it come as no surprise that the Goods and Services Tax (GST) is included in terms of reference. Earlier, the government appointed the former Planning Commission Member as head of the 15th Finance Commission.

Other members of the commission, which is required to submit its report by October 2019, are former economic affairs secretary Shaktikanta Das, former chief economic advisor Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University professor Anoop Singh.

The commission will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Union and the states. It will also recommend a fiscal consolidation road map for sound fiscal management. As per Article 280 of the Constitution, the commission is required to make recommendations on the distribution of the net proceeds of taxes between the Centre and the states.

The new Finance Commission will cover five-year period commencing April 1, 2020. The 14th Finance Commission was set up on January 2, 2013. Its recommendations cover the period from April 1, 2015 to March 31, 2020.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Parliament Updates: Lok Sabha clears Banking Regulation (Amendment) Bill; House adjourned till 3 pm tomorrow
Politics

Parliament Updates: Lok Sabha clears Banking Regulation (Amendment) Bill; House adjourned till 3 pm tomorrow

Parliament LIVE Updates: The AIMIM leader questioned government's selective intervention in the Yes Bank crisis but not for PMC. 'SBI immediately flowed funds in Yes bank case, but not into PMC bank. What was RBI doing when Yes Bank happened?', he asked

Centre's handling of COVID-19 has put India in 'abyss of GDP reduction', says Rahul Gandhi
Politics

Centre's handling of COVID-19 has put India in 'abyss of GDP reduction', says Rahul Gandhi

India's COVID-19 caseload has gone past 46 lakh, while 36,24,196 people have recuperated so far taking the national recovery rate to 77.77 percent

GST an 'absolute failure', second major attack on India's unorganised economy, claims Rahul Gandhi
Politics

GST an 'absolute failure', second major attack on India's unorganised economy, claims Rahul Gandhi

The Congress leader had earlier said that demonetisation was the first attack on the informal sector of the economy