Former Rajya Sabha member N K Singh was on Monday appointed Chairman of the 15th Finance Commission to suggest devolution of taxes between the states and the Centre.
Besides Singh, former Economic Affairs Secretary Shaktikanta Das and Adjunct Professor at Georgetown University Anoop Singh have been appointed as members of the 15th Finance Commission.
Ashok Lahiri, Chairman of the Bandhan Bank and Ramesh Chand, member Niti Ayog will be part-time members of the Commission, a government notification said here. Arvind Mehta will be Secretary to the Commission.
According to the notification, the Commission will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Union and the states. It has been asked to submit its report by October 30, 2019. Its recommendations will come into force from April 1, 2020 and will cover a five-year period. As per the terms of reference, the Commission will also consider the impact of the GST, including payment of compensation for possible loss of revenues for five years, and abolition of a number of cesses, earmarking thereof for compensation and other structural reforms programme, on the finances of Centre and states, while making its recommendations.
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