The Fifteenth Finance Commission, in its interim report tabled in Parliament on Saturday, has recommended maintaining States’ share in the divisible pool of tax collections at virtually the same level of 42% set by its predecessor, for 2020-21.
To factor in the changed status of the erstwhile State of Jammu and Kashmir, the rate at which funds may be shared with the States has been reset to 41%. This is after ‘adjusting one percentage point for the needs, including special ones of the two new union territories of J&K and Ladakh,’ the Commission noted in its report.
An official said that the actual pool of funds available to States will be equivalent to what they were receiving from the 42% share granted by the Fourteenth Finance Commission, as the number of States are now 28 instead of 29. The one percentage point reduction is what would have been earmarked for J&K as a State.
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