Kelkar to head 13th FC, may focus on goods & services tax
The government on Wednesday set up the 13th finance commission (FC) which will look into various fiscal issues including the sharing of taxes by the Centre and state governments.
By TNN |
NEW DELHI: The government on Wednesday set up the 13th finance commission (FC) which will look into various fiscal issues including the sharing of taxes by the Centre and state governments. The committee has been set up under the chairmanship of former finance secretary Dr Vijay Kelkar.
The other members of the panel include National Institute of Public Finance and Policy emeritus professor Indira Rajaraman, National Council of Applied Economic Research chief economist Abusaleh Shariff and former Rajiv Gandhi University vice-chancellor Atul Sarma, an official release said. The commission is expected to submit its report by October 2009,
Planning Commission member B K Chaturvedi will be a part-time member, while Sumit Bose will be the secretary to the Commission. The recommendations of the 13th Finance Commission will cover the period of five years from April 1, 2010 to March 31 2015.
It will examine the likely impact of a goods and services tax which is to come into effect from April 1, 2010, including its effect on foreign trade. The panel has also been mandated to improve the quality of public spending. The commission is a constitutional body set up every five years to recommend efficient ways to share resources between states and the central government and suggest measures to promote efficiency in the economy.
The panel will review the financial position of the Union and the states and suggest measures for maintaining a stable and sustainable fiscal environment consistent with equitable growth.
In addition to this, it will take stock of the present arrangements for financing disaster management with reference to the National Calamity Contingency Fund and the Calamity Relief Fund and the funds envisaged in the Disaster Management Act, 2005. The panel’s recommendations will cover the period April 1, 2010 to March 31, 2015.
The other members of the panel include National Institute of Public Finance and Policy emeritus professor Indira Rajaraman, National Council of Applied Economic Research chief economist Abusaleh Shariff and former Rajiv Gandhi University vice-chancellor Atul Sarma, an official release said. The commission is expected to submit its report by October 2009,
Planning Commission member B K Chaturvedi will be a part-time member, while Sumit Bose will be the secretary to the Commission. The recommendations of the 13th Finance Commission will cover the period of five years from April 1, 2010 to March 31 2015.
It will examine the likely impact of a goods and services tax which is to come into effect from April 1, 2010, including its effect on foreign trade. The panel has also been mandated to improve the quality of public spending. The commission is a constitutional body set up every five years to recommend efficient ways to share resources between states and the central government and suggest measures to promote efficiency in the economy.
The panel will review the financial position of the Union and the states and suggest measures for maintaining a stable and sustainable fiscal environment consistent with equitable growth.
In addition to this, it will take stock of the present arrangements for financing disaster management with reference to the National Calamity Contingency Fund and the Calamity Relief Fund and the funds envisaged in the Disaster Management Act, 2005. The panel’s recommendations will cover the period April 1, 2010 to March 31, 2015.
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