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Govt begins exercise to meet 15th Finance Commission requirements




 State Government has started the exercise to meet the requirements of the 15th Finance Commission as the newly constituted panel has begun the process to prepare its report of recommendations for distribution of funds among the states for the next five years --- 2020-2025.

As the Chairman of the Commission NK Singh has informed the State Government about its exercise, senior officials of the Finance Department have started the process to face the Commission, which will make recommendations on distribution of net proceeds from taxes between the Union and State Government.

The Commission team will soon visit the State to review the current status of finance, deficit, debt, cash balances and fiscal discipline efforts of the State Government, said sources.

This will be taken into consideration from 2000-01 and 2020-25, which will be a Herculean task, officials admit.

The State Government will prepare a ‘Quick Estimates’ of its revenue receipts (Both Own Tax and Own Non Tax revenue) and its total revenue expenditure for 2020-25 period of the Fifteenth Finance Commission Award, the sources said.

While preparing the revenue details, the State Government will also prepare the annual average growth rates of receipts and expenditures assumed by it for the consideration of the Commission, said sources.

According to officials a lot of exercise is needed to prepare a detailed report on loss as the State loses huge resources due to calamities and disasters like drought, floods and cyclones.

The State Government will also prepare detailed loss due to other disasters such as deaths due to sun stroke, heat wave, lightening which are not taken care of by the Union Government as these are not declared as natural calamities, the sources added.

The Commission will review the present arrangements on financing disaster management Initiatives as funding is made from the National Disaster Response Fund (NDRF) and State Disaster Response Fund (SDRF) constituted under the Disaster Management Act-2005.

The Commission will look into such arrangements to make appropriate recommendations for 2020-25.

As the Commission is mandated to propose measureable performance-based incentives for the State, the State Government will prepare its performance card to be reviewed by the panel, said officials.

The State Government will give its views on the principles, which should govern the pattern of sharing of taxes between the Union and States on one hand, and among the States on the other, they added.

Similarly, the State Government will provide its views on the formulation of the principles to govern the Grants-In-Aid to be disbursed to the states in need of assistance under the Article 275 of the Constitution of India, they said.

The State Government will set up a State Finance Commission, which will make arrangements for funding Panchayats and Urban Local Bodies, said sources.

A Finance Commission Cell will be created in the Department of Finance to coordinate the entire exercise, said an official.

The Commission will present its report to the Union Government on October 30 in 2019.






Editorial

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From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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