{"id":89355,"date":"2019-12-06T17:47:42","date_gmt":"2019-12-06T12:17:42","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=12205"},"modified":"2019-12-06T17:47:42","modified_gmt":"2019-12-06T12:17:42","slug":"fifteenth-finance-commission-submits-report-to-president","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/fifteenth-finance-commission-submits-report-to-president\/","title":{"rendered":"Fifteenth Finance Commission submits report to President"},"content":{"rendered":"\n<p><strong>News:<\/strong> The Fifteenth Finance Commission (FFC) has submitted its first report to President Ram Nath Kovind<\/p>\n\n\n\n<p><strong>Facts:<\/strong><\/p>\n\n\n\n<p><strong>About Finance Commission<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Finance Commission is a constitutional body constituted by the President under Article 280 of the India Constitution. The Commission is appointed every five years.<\/li><\/ul>\n\n\n\n<p><strong>Composition:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Finance Commission has a chairman and four members appointed by the President.<\/li><li>The Chairman of the Commission is selected from among persons who have had experience in public affairs.<\/li><li>The four other members are selected from among persons who<\/li><\/ul>\n\n\n\n<p>o &nbsp; are or have been or are qualified to be appointed as Judges of the High Court; or<\/p>\n\n\n\n<p>o &nbsp; have special knowledge of the finances and accounts of Government or<\/p>\n\n\n\n<p>o &nbsp; have had wide experience in financial matters and in administration or<\/p>\n\n\n\n<p>o &nbsp; Have special knowledge of economics.<\/p>\n\n\n\n<p><strong>Functions:<\/strong><\/p>\n\n\n\n<p><strong>Finance Commission and its functions: <\/strong>The Finance Commission has the following functions or duties:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Commission makes recommendations to the President of India on the distribution of tax proceeds between the Union and the States and the share of each state.<\/li><li>The Commission also decides the principles that govern the payment of grants-in-aid to states from the Consolidated Fund of India.<\/li><li>The President of India can also refer to any other matter to the Finance Commission in the interest of building a sound financial system.<\/li><\/ul>\n\n\n\n<p><strong>About 15<\/strong><strong><sup>th<\/sup><\/strong><strong> Finance Commission<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The 15th Finance Commission was constituted by the President of India under the chairmanship of NK Singh.<\/li><li>The term of the commission was originally set to end in October 2019 but was extended to November 30, 2019.<\/li><li>Its recommendations will cover a period of five years from April 2021 to March 2026.<\/li><\/ul>\n\n\n\n<p><strong>Terms of Reference (ToR) of 15<\/strong><strong><sup>th<\/sup><\/strong><strong> Finance Commissio<\/strong>n<\/p>\n\n\n\n<p>The Central government asked the 15th Finance Commission\u2019s ToR to use the 2011 data for determining devolution of taxes, duties and grants-in-aid. The terms of reference for the 14th Finance Commission were to use the 1971 Census data<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Review the <strong>current status<\/strong> of finance, deficit, debt levels, and cash balances and fiscal discipline efforts of the Union and the States.<\/li><li>Put forward a tax-devolution formula after examining the impact of 42% vertical devolution (as recommended by 14<sup>th<\/sup> FC) on the Union\u2019s fiscal situation. The Commission has been asked to consider New India \u2013 2022 Vision and government\u2019s commitment to compensate states\u2019 loss due to GST.<\/li><li>Examine whether <strong>revenue deficit grants<\/strong> be provided at all.<\/li><li>Recommend performance-based incentives to the states depending on various parameters such as efforts made in the expansion of GST tax-net, Efforts made in achieving replacement level of population growth i.e. Total Fertility Rate 2.1 or lower, promoting digital economy, behavioural changes towards open defecation etc.<\/li><li>Review the present arrangements on <strong>financing Disaster Management initiatives<\/strong>, with reference to the funds constituted under the <strong>Disaster Management Act, 2005 (53 of 2005),<\/strong> and make appropriate recommendations thereon.<\/li><\/ul>\n\n\n\n<p><strong>Additional Information:<\/strong><\/p>\n\n\n\n<p><strong>New India \u2013 2022 Vision<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>&nbsp;It envisages India free from poverty, corruption, terrorism, communalism, casteism and uncleanliness and unites the entire country by adopting good governance and using technology.<\/li><li>The Prime Minister launched \u201cSankalp Se Siddhi\u201d (Attainment through Resolve) scheme, which aims at good governance. It is a five-year plan under which new India movement 2017-2022 is undertaken.<\/li><li>&nbsp;Under the New India 2022 Vision, the government has launched several schemes such as Pradhan Mantri Ujjawala Yojana, Pradhan Mantri Jan Dhan Yojana, Jan Suraksha Yojana, Ayushman Bharat etc.<\/li><li>The NITI Aayog has put forward National Strategy for New India @ 75, which defines clear objectives for 2022-23<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The Fifteenth Finance Commission (FFC) has submitted its first report to President Ram Nath Kovind Facts: About Finance Commission The Finance Commission is a constitutional body constituted by the President under Article 280 of the India Constitution. The Commission is appointed every five years. Composition: The Finance Commission has a chairman and four members&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/fifteenth-finance-commission-submits-report-to-president\/\">Continue reading <span class=\"screen-reader-text\">Fifteenth Finance Commission submits report to President<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1760],"tags":[471],"class_list":["post-89355","post","type-post","status-publish","format-standard","hentry","category-polity-and-nation","tag-finance-commission","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704640751},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/89355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=89355"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/89355\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=89355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=89355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=89355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}