The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951.
This Commission will be headed by Shri. N.K.Singh, former Member of Parliament and former Secretary to the Government of India. Shri Shaktikanta Das, former Secretary to the Government of India and Dr. Anoop Singh, Adjunct Professor, Georgetown University shall be the members of the Commission. Dr. Ashok Lahiri, Chairman (Non-executive, part time), Bandhan Bank and Dr. Ramesh Chand, Member, NITI Aayog shall be the Part time members of the Commission. Shri Arvind Mehta shall be the Secretary to the Commission.
The new Finance Commission will cover five-year period commencing April 1, 2020.
As per Article 280 of the Constitution, the Commission is required to make recommendations on the distribution of the net proceeds of taxes between the Centre and the states.
The Commission also suggests the principles which should govern the grants in aid of the revenues of the states out of the Consolidated Fund of India.
It will also recommend a fiscal consolidation road map for sound fiscal management.
This time it will have to take into account the impact of the Goods and Services Tax, which kicked in from July, on the resources of the central as well state governments.
Further, the commission will examine progress made in promoting ease of doing business by effecting related policy and regulatory changes and promoting labour intensive growth.
1. Which of the following pairs is/are correctly matched?
1. 15th Finance Commission – N.K Singh
2. 13th Finance Commission – Vijay Kelkar
3. 12th Finance Commission – A.M Khusro
a) 1 and 2
b) Only 1
c) 1 and 3