The Fourth meeting of the Advisory Council of the 15th Finance Commission was held in New Delhi today. Chairman and Members of the Commission and members of the Advisory Council attended the meeting.

The Advisory Council members were updated by the Commission regarding the progress made in terms of state visits by the Commission, upcoming consultative meeting with the GST council and interaction with other experts.

The Possible macro assumptions for the Commission’s award period relating to real growth, inflation etc were discussed in detail.

Issues related to Goods & Services Tax (GST) and rationalization of Centrally Sponsored Schemes were discussed and views of eminent members of Advisory Council were sought.

The Council will meet again before the submission of the Commission’s final report.

The Advisory Council Members present: Dr. D.K. Srivastava, Dr. M Govinda Rao, Dr. Indira Rajaraman, Dr. Sudipto Mundle, Dr. Omkar Goswami, Dr. Arvind Virmani, Dr. Krishnamurthy Subramanian, Dr. Surjit Bhalla, Dr. Prachi Mishra and Mr. Neelkanth Mishra.

Goods and Services Tax reform and scheme rationalization drive advisory input ahead of finance commission final report. Advisory Council deliberations addressed preparatory work for the Fifteenth Finance Commission's award period, focusing on the Commission's state visits, planned consultative engagement with the GST council, and interactions with external experts. The Council examined macroeconomic assumptions likely to inform the award-including real growth and inflation projections-and discussed GST administration and rationalization of Centrally Sponsored Schemes to inform recommendations on intergovernmental fiscal arrangements. The Council will meet again before the Commission's final report.