The fifth meeting of the Economic Advisory Council (EAC) of the Fifteenth Finance Commission was held in New Delhi yesterday. After the meeting, Chairman NK Singh said that future revenue is the most critical issue for the Finance Commission. He said, tax regime needs predictability and certainty.
In the meeting, possible macro assumptions related to real growth, inflation, ongoing structural reforms, tax revenue including GST, adherence to Fiscal Responsibility and Budget Management Act and fiscal transparency were discussed. Further, Advisory Council was informed about submission of the 2020-21 report and Commission’s next course of actions pertaining to preparation of the report for 2021-26 period.
Recently, the fifteenth Finance Commission submitted its report for the period 2020-21 to President Ram Nath Kovind.
Source: News On Air