NEW DELHI: Former Planning Commission Member N Ok Singh was on Monday appointed chairman of 15th Finance Commission, which among other issues has been asked to look into the affect of GST on price range of both the Centre and states, mentioned a government notification.
The other contributors of the commission, which is needed to post its file by way of October 2019, are former Economic Affairs Secretary Shaktikanta Das and former Chief Economic Advisor Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University professor Anoop Singh.
The commission will assessment the current standing of the finance, deficit, debt levels, cash balances and monetary discipline efforts of the Union and the states.
It may also suggest a fiscal consolidation road map for sound fiscal management.
As in step with Article 280 of the Constitution, the commission is needed to make suggestions on the distribution of the web proceeds of taxes between the Centre and the states.
The commission also suggests the foundations which will have to govern the grants in help of the revenues of the states out of the Consolidated Fund of India.
As in step with the terms of reference, the panel may also "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", mentioned the notification.
Further, the commission will examine growth made in selling ease of doing business by way of effecting related policy and regulatory adjustments and selling labour extensive growth.
The new Finance Commission will quilt five-year period commencing April 1, 2020.
The 14th Finance Commission was set up on January 2, 2013. Its suggestions quilt the period from April 1, 2015 to March 31, 2020.
The other contributors of the commission, which is needed to post its file by way of October 2019, are former Economic Affairs Secretary Shaktikanta Das and former Chief Economic Advisor Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University professor Anoop Singh.
The commission will assessment the current standing of the finance, deficit, debt levels, cash balances and monetary discipline efforts of the Union and the states.
It may also suggest a fiscal consolidation road map for sound fiscal management.
As in step with Article 280 of the Constitution, the commission is needed to make suggestions on the distribution of the web proceeds of taxes between the Centre and the states.
The commission also suggests the foundations which will have to govern the grants in help of the revenues of the states out of the Consolidated Fund of India.
As in step with the terms of reference, the panel may also "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", mentioned the notification.
Further, the commission will examine growth made in selling ease of doing business by way of effecting related policy and regulatory adjustments and selling labour extensive growth.
The new Finance Commission will quilt five-year period commencing April 1, 2020.
The 14th Finance Commission was set up on January 2, 2013. Its suggestions quilt the period from April 1, 2015 to March 31, 2020.
N K Singh appointed chairman of 15th Finance Commission
![N K Singh appointed chairman of 15th Finance Commission]()
Reviewed by Kailash
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November 27, 2017
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