Cabinet approves setting up of the 15th Finance Commission which under Article 280(1) of the Constitution,it is a Constitutional obligation.
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15th Finance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation. The Terms of Reference for the 15thFinance Commission will be notified in due course of time.
Background:
Article 280(1) of the Constitution lays down that a Finance Commission (FC) should be constituted “…within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary…”.In keeping with this requirement, the practice has generally been to set up next Finance Commission within five years of the date of setting up of the previous Finance Commission.
Fourteen (14)Finance Commissions have been constituted in the past. The 14th Finance Commission was set up on 02.01.2013 to make recommendations covering the period of five years commencing on 1st April, 2015. The Commission submitted its Report on 15th December, 2014. The recommendations of the 14th Finance Commission are valid upto the financial year 2019-20. In terms of Constitutional provisions, setting up the 15th Finance Commission, the recommendations of which will cover the five years commencing on April 1, 2020, has now become due.
Before staying CESTAT order the High Court should have framed the substantial questions of law and thereafter could have passed…
Chartered Accountant issuing Form 15CB not required check genuineness or otherwise of documents submitted by his clients – Supreme Court…
Ongoing investigation qua absconding person, cannot be a ground to deny bail to person against whom the investigations have been…
Accommodation entry operators also routinely obtain PAN, file ITRs, and maintain bank accounts, to give a facade of legitimacy to…
ICAI sets up two new branches : at Morbi and Bhiwandi The Institute of Chartered Accountants of India (ICAI) has…
Central Government notifies amended Protocol between India and Belgium for Avoidance of Double Taxation and the Prevention of Fiscal Evasion…