Fifteenth Finance Commission Flashcards
Who is chairmen?
N.K.Singh
What is scope of commision?
-vertical and horizontal tax devolution [TAX DEVOLUTION -> VATANE TO STATES & CENTRE]
- local government grants
- disaster management grant
- examine and recommend performance incentives for States in [STATES NA PERFORMANCE BASED INCENTIVES]
-whether a separate mechanism for funding of defence and internal security ought to be set up
What is it?
constitutionally mandated body that is at the centre of fiscal federalism.
[CONSTITUTIONALLY MANDATED FISCAL FEDERALISM BODY]
What is its core responsibility?
evaluate the state of finances of the Union and State Governments, recommend the sharing of taxes between them, lay down the principles determining the distribution of these taxes among States
[UNION ANI STATES MADHE TAX DISTRIBUTE KARANE & TO DISTRIBUTION CHA FORMULA BANAVANE]
Under Which article is it defined?
280
What is the formula used by 15th FC?
45% for the income distance. 15% for the population in 2011 15% for the area 10% for forest and ecology 12.5% for demographic performance, and 2.5% for tax effort.
Composition of finance commission?
- chairmen
- 4 members -> should be or have been qualified as High Court judges, or be knowledgeable in finance or experienced in financial matters and are in administration, or possess knowledge in economics.
- Parliament determines legally the qualifications of the members of the Commission and their selection methods
[PARLIAMENT QUALIFICATION THARAVATE]
Who Constitutes Finance Commission of India?
by prez -> every five years or on time considered necessary by him.
What are the various grants recommended by the 15th Finance Commission?
grants-in-aid to the States.
These grants include: (i) revenue deficit grants, (ii) grants to local bodies, and (iii) disaster management grants.
