15th Finance Commission meeting |
The 15th Finance Commission on Thursday held a high level roundtable meeting on `Fiscal Relations across levels of government`. The roundtable was being organized in partnership with the World Bank, OECD and ADB and was moderated by N. K. Singh, Chairman of the Commission. This is the culmination of significant works that all the three organizations have undertaken for the Finance Commission. The discussions centered around how to make the 3rd tier self-sufficient especially now when the GST has subsumed many taxes which earlier used to generate revenue for them. The commission discussed raising own revenue by the third tier of the government is a serious concern for India`s decentralized administrative structure; One of the major sources of raising revenue is property taxation by local bodies.; some local bodies have attempted different models to streamline and systematize property collection within their jurisdiction. However, very few have been successful in improving revenue collection through property taxes.
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