In an announcement, the federal government mentioned that the Cupboard authorized the creation of three posts on the stage of Joint Secretary i.e. two posts of Joint Secretary and one put up of Financial Adviser. “The newly created posts are required to help the fee in finishing up its capabilities. All different posts within the fee have already been created as per the delegated powers,” the assertion mentioned.
The federal government has already appointed Arvind Panagariya as Chairman of the fee whereas Ritwik R Pandey will probably be Secretary to the fee. Different members are to be appointed. Additionally, Finance Ministry has invited purposes for appointment of assorted officers and staff within the fee.
Fee’s report
The fee would submit its report back to the President by October 31, 2025. The report can be for 5 years commencing April 1, 2026. Apart from suggesting tax devolution between the Centre and States and income augmentation measures, the Fee would evaluation the current preparations for financing catastrophe administration initiatives as regards to the funds constituted underneath the Catastrophe Administration Act, 2005.
The Finance Fee is a constitutional physique that provides options on Centre-State monetary relations. The erstwhile fifteenth Finance Fee underneath NK Singh had beneficial that States be given 41 per cent of the divisible tax pool of the Centre throughout five-year interval 2021-22 to 2025-26, which is on the identical stage as was beneficial by the 14th Finance Fee.
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