13th Finance Commission submits report to the President
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At a time when reforms both in the direct and indirect taxes areas are likely to be in place in the next couple of years, the 13th Finance Commission submitted its recommendations on sharing of the Central tax receipts between the Union and the states.
The report of the Finance Commission, headed by former Finance Secretary Vijay Kelkar, assumes importance since reforms in the direct and indirect taxes areas are likely to be in place in the next couple of years in the form of Goods and Services Tax (GST) and Direct Taxes Code.
Kelkar presented the report to Patil at the Rashtrapati Bhavan.
The report will be given by the President to the Finance Ministry, which will take it up with the Cabinet. Cabinet will then adopt the report and is expected to table it in the Budget session of Parliament.
