15th Finance Commission approved
Q. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved setting up of 15th Finance Commission (FC) under which article?- Published on 23 Nov 17a. Article 280 (1)
b. Article 290 (1)
c. Article 300 (1)
d. Article 100 (1)
ANSWER: Article 280 (1)
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved setting up of 15th Finance Commission (FC). It is a constitutional obligation to set up FC under Article 280 (1) of the Constitution.
The Terms of Reference for 15th FC will be notified in due course of time. In terms of constitutional provisions, setting up 15th FC, its recommendations will cover five years commencing on April 1, 2020.
15th Finance Commission- The recommendations of the 15th Finance Commission will be implemented in the period 1 April 2020 to 31 March 2025.
- The 14th Finance Commission is considered to have fundamentally reset the centre-state fiscal relationship by raising the untied share of states in net central taxes to 42% from 32% after ending discretionary resource transfers from the centre to the states.
- Economist Indira Rajaraman, who was a member of the 13th Finance Commission opined the 15th Finance Commission will change considerably after GST was implemented.
