The 16th Finance Commission submitted its report on devolution of taxes between the Centre and the states.
Members of the Commission led by Dr Arvind Panagariya had handed over the report. The commission was constituted on 31 Dec 2023 to determine the formula for the states' share of central taxes and the grants-in-aid for five financial years from 2026 - '27. It's gonna be the financial roadmap for the next five years.
Report closely watched by states
* A majority of states had asked the commission to increase their share of central taxes to 50% from the
current 41%.
* The commission has also reviewed the present arrangements for financing disaster management
initiatives with reference to the funds constituted under the Disaster Management Act, 2005.
There are four members in the Finance Commission.
My take
Hope the clarity regarding the allocation of funds is being brought about.
Tailpiece.
Got up at 5, sent all the messages, switched on the hymns on the home theatre, lit up the lamp in the puja room and opened up the house for the day.
Walked on the road outside the house and recited my prayers.
Worked on my laptop.
Lunch, watched serial followed by siesta.
A quiet evening.
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