14th Finance Commission (FFC) Report Tabled in Parliament; FFC Recommends by Majority Decision that the States’ Share in the Net Proceeds of the Union Tax Revenues be Raised to 42% Which is a Huge Jump from the 32% Recommended by the 13th Finance Commission

14th Finance Commission (FFC) Report Tabled in Parliament; FFC Recommends by Majority Decision that the States’ Share in the Net Proceeds of the Union Tax Revenues be Raised to 42% Which is a Huge Jump from the 32% Recommended by the 13th Finance Commission https://www.taxtmi.com/news?id=13983 The 14th Finance Commission recommended that States receive 42% of the net proceeds of Union taxes, shifting transfers from grants to tax devolution, thereby enlarging State transfers and reducing Centre fiscal space. It prescribed horizontal allocation parameters, structured five-year grants to local bodies with basic and performance components, and Post-Devolution Revenue Deficit Grants for selected States. The Commission advised limited delinking of Centrally Sponsored Schemes, proposed flexibility in disaster fund use, and called for assured funding for national disaster relief if cess-based financing is subsumed under GST. en-us Wed, 25 Feb 2015 09:58:16 +0530 Wed, 25 Feb 2015 09:58:16 +0530 TaxTMI RSS Generator 14th Finance Commission (FFC) Report Tabled in Parliament; FFC Recommends by Majority Decision that the States’ Share in the Net Proceeds of the Union Tax Revenues be Raised to 42% Which is a Huge Jump from the 32% Recommended by the 13th Finance Commission https://www.taxtmi.com/news?id=13983 The 14th Finance Commission recommended that States receive 42% of the net proceeds of Union taxes, shifting transfers from grants to tax devolution, thereby enlarging State transfers and reducing Centre fiscal space. It prescribed horizontal allocation parameters, structured five-year grants to local bodies with basic and performance components, and Post-Devolution Revenue Deficit Grants for selected States. The Commission advised limited delinking of Centrally Sponsored Schemes, proposed flexibility in disaster fund use, and called for assured funding for national disaster relief if cess-based financing is subsumed under GST. News - Wed, 25 Feb 2015 09:58:16 +0530 https://www.taxtmi.com/news?id=13983