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Union budget may echo Finance Panel referrals
February, 12th 2010

Some of the recommendations 13th Finance Commission may find place in the Budget for 2010-11 to be unveiled on February 26,Union Finance Minister Pranab Mukherjee hinted here on Thursday.

The Commission, headed by Vijay Kelkar, in its report submitted to President Pratibha Patil in December 2009, is understood to have suggested higher allocation to states.

Ahead of the Budget Session of Parliament beginning from February 22, the Union Cabinet on Thursday discussed the 13th Finance Commission report, which has laid out a roadmap for sharing of taxes between the Centre and states.

The report along with action taken on its recommendations by the government will be tabled in Parliament during the Budget Session.

The report assumes importance as the new indirect tax regime GST is scheduled to be implemented from the next fiscal and the new direct tax code is also likely to come into effect from next year.

Goods and Services Tax, once implemented across the country, will subsume various taxes, including value added tax (VAT), bringing uniformity in indirect tax structure.

Draft of the direct tax code (DTC) is already in the public domain and once implemented it will replace the 50-year-old Income Tax Act.

The 13th Finance Commission was appointed in November, 2007 with the mandate to review the finances of the Centre and states, and sharing of net proceeds from taxes between the two.

 
 
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