XVIFC invites Suggestions & Views from General Public, Institutions and Organisations
According to a press release of MoF dated. 8 May 2024, the Sixteenth Finance Commission (XVIFC) is reaching out to the public, organizations, and individuals for their valuable suggestions and views regarding its Terms of Reference (ToR). This invitation extends to discussions on various pertinent issues that fall within the purview of the XVIFC’s mandate.
Dr. Arvind Panagariya leads the XVIFC, which was constituted by the President of India on December 31, 2023. The commission’s primary task is to provide recommendations spanning a five-year period starting from April 1, 2026, focusing on three key areas:
1. Distribution of Tax Proceeds:
Determining the equitable distribution of tax revenues between the Union and the States as per the Constitution, including allocation among the States.
2. Grants-in-Aid Principles:
Outlining the principles guiding grants-in-aid from the Consolidated Fund of India to State revenues, along with the amounts disbursed under Article 275 of the Constitution for purposes beyond specified provisions.
3. Augmenting State Funds:
Identifying measures to bolster the Consolidated Fund of a State to support the financial needs of Panchayats and Municipalities, based on recommendations from the respective State Finance Commissions.
In addition to these focal points, the XVIFC is tasked with evaluating current funding mechanisms for Disaster Management initiatives, as per the Disaster Management Act, 2005 (53 of 2005), and proposing suitable recommendations in this regard.
To contribute your insights and recommendations, you can visit the official website of the 16th Finance Commission and navigate to the ‘Call for Suggestions’ section (https://fincomindia.nic.in/portal/feedback).
Your input is invaluable in shaping policies that impact the fiscal landscape of the nation. Share your perspectives today and be a part of the decision-making process!
Also Read: Supreme Court Declines Vyapar Mandal’s Plea Against 45-Day Pay Rule in Income Tax Act
To Access the related press release of MoF CLICK HERE
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