Post all the chaos of GST release and its impact, Indian Finance Commission will be sitting with a new panel to analyse and study the after-effects of GST.
N K Singh, the freshly chosen Chairman of the fifteenth Finance Commission, today said it’s imperative for such a panel to look at implications of GST on finance of the Centre and states.
“The undeniable fact that GST was propelled through many constitutional amendments including the states being participants in these constitutional amendments enjoins upon any Finance Commission the requirement to look at implications of GST in terms of finances of each the Centre and states as a result of this can be concerning the business enterprise issue of the final government,” he said.
Soon once the appointment, he told it comes as no surprise that the products and Services Tax (GST) is enclosed in terms of reference.
Earlier, the govt appointed the previous committee Member as head of the 15th Finance Commission.
Other members of the commission, that is needed to submit its report by Oct 2019, are former economic affairs secretary Shaktikanta Das, former chief economic authority Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University prof Anoop Singh.
The commission can review this standing of the finance, deficit, debt levels, money balances and financial discipline efforts of the Union and therefore the states.
It will additionally advocate a business enterprise consolidation road map for sound business enterprise management.
As per Article 280 of the Constitution, the commission is needed to form recommendations on the distribution of information superhighway income of taxes between the Centre and therefore the states.
The new Finance Commission will look after five-year amount commencing April one, 2020.
The 14th Finance Commission was established on Jan 2, 2013. Its recommendations include the time from April 1, 2015 to March 31, 2020.