Finance Commission to deliberate on GDP growth, GST compensation

New Delhi, Sep 3 (IANS) N.K. Singh, the Chairman of the 15th Finance Commission, along with the other members, will hold a day-long meeting with the Economic Advisory Council of the commission on Friday.

New Delhi, Sep 3 (IANS) N.K. Singh, the Chairman of the 15th Finance Commission, along with the other members, will hold a day-long meeting with the Economic Advisory Council of the commission on Friday.

An official statement on Thursday said that the meeting is for a “final discussion on GDP growth, tax buoyancy of the Centre and the states, GST compensation, revenue deficit grant and fiscal consolidation”.

The members of the Economic Advisory Council who are likely to attend the meeting include Pinaki Chakraborty, Prachi Mishra, Omkar Goswami, Sajjid Z. Chenoy, Neelkanth Mishra, Rathin Roy, D.K. Srivastava, Arvind Virmani, M. Govinda Rao, Sudipto Mundle, Shankar Acharya, Pronab Sen and Krishnamurthy Subramanian.

The meeting comes at a time when India has recorded massive 23.9 per cent contraction in the GDP during the April-June quarter. The development has called for serious thought among the policy makers for the country’s economic trajectory amid the pandemic.

The issue of tax buoyancy and GST compensation for states is also a burning issue currently as a tussle is underway between the Centre and several states over an alternate mechanism to help states get funds in the absence of compensation for the Centre.

The Centre has proposed two borrowing options for the states from the Reserve Bank of India which several states have not yet agreed upon.

–IANS

rrb/sn/vd

ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.