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Finding Sales Tax / VAT

Q73. The 15th...

Question

Q73. The 15^th Finance commission will be headed by:

A

(a) N.K. Singh

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B

(b) Ratan Watal

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C

(c) Shailesh Nayak

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D

(d) Y.V. Reddy

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Solution

The correct option is A
(a) N.K. Singh

The 15th finance commission will be reviewing the enhanced tax devolution formula, which determines the share of states in national taxes.

The 14th finance commission had increased the share of states in net taxes to 42% from the previous level of 32%. The terms of reference of the 15th finance commission specifically require it to review this and ascertain its impact on the fiscal capability of the Union government.

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