MANU/PIBU/0320/2018

Department/Board : Press Information Bureau

Date : 22.02.2018

Notification/ Circulars Referred : Notification Number S.O.3755(E) dated 27th November, 2017 MANU/EAFF/0061/2017

Citing Reference:
Notification Number S.O.3755(E) dated 27th November, 2017 MANU/EAFF/0061/2017  Referred

Fifteenth Finance Commission invites suggestions/views from general public, institutions for higher inclusive growth

The Fifteenth Finance Commission has invited suggestions/views on issues related to the terms of reference from the members of the general public, institutions and organizations.

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. 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 Commission may also examine whether revenue deficit grants be provided at all.

Some of the key issues for consideration by the commission are as under:

• 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;

• 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.

• Efforts made by the States in expansion and deepening of tax net under GST;

• Efforts and Progress made in moving towards replacement rate of population growth

• 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;