The 15th Finance Commission proposes to review all the centrally sponsored schemes (CSS) in the wake of growing concern of States that these schemes were eating into their resources, said Chairman of the Commission N. K. Singh.
Speaking at an interactive session with economists on ‘Fiscal Federalism in multi-party democracy — Macro Economy Vulnerabilities” at the International School of Business here on Wednesday, he referred to the challenges facing the 15th Finance Commission and sought their views.
Mr. Singh said this was the first Finance Commission that would be submitting its recommendations after the abolition of Planning Commission and thus a need to fill that void. This was also the time when the Finance Commission was facing the full rigours of the Goods and Services Tax which still did not reach its resting point with frequent changes in the tax rates and categories. As GST was the most important source of revenue, the Commission would have to think about its dialogue with the GST Council with regard to fund allocation to the States.