Tax sharing reform: pooled Central tax proceeds assigned to States, replacing gross sharing and providing reviewable percentage allocation. The instrument implements the Tenth Finance Commission's alternative scheme to pool specified Central taxes and allocate a fixed percentage share to States in lieu of certain existing shares and grants, while excluding cesses and surcharges from the pooled base. It replaces 'gross proceeds' with 'net proceeds' for sharing alignment, provides that the States' percentage share be reviewed by successive Finance Commissions, and includes transitional arrangements for the interim period pending the next Finance Commission's report.
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Tax sharing reform: pooled Central tax proceeds assigned to States, replacing gross sharing and providing reviewable percentage allocation.
The instrument implements the Tenth Finance Commission's alternative scheme to pool specified Central taxes and allocate a fixed percentage share to States in lieu of certain existing shares and grants, while excluding cesses and surcharges from the pooled base. It replaces "gross proceeds" with "net proceeds" for sharing alignment, provides that the States' percentage share be reviewed by successive Finance Commissions, and includes transitional arrangements for the interim period pending the next Finance Commission's report.
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