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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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Q. Consider the following statements and identify the right ones.
I- The 14th finance commission is headed by C. Rangarajan.
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Select the correct statements about 14th Finance Commission which submitted its report to President
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2. The Commission headed by former RBI Governor Y.V. Reddy.
3. Provides for devolution of tax receipts form the Centre to the States.
4. Article 280 of Constitution provides for appointment of Finance Commission
5. 1st and 13th Finance Commission was headed by ICC. Neogy & Dr. Vijay Kelkar respectively.

Q. What are the terms of reference of the 15th finance commission? Critically analyze whether terms of reference is against the spirit of cooperative federalism?

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