Finance Commission Report flags States dependence on GST Compensation as 'concern', highlights implementation challenges

15th Finance Commission, a constitutional body formed by the President of India to give suggestions on Centre-State financial relations, submits report to Prime Minister for the period 2021-22 to 2025-26; Report contains criteria for devolution of taxes to States, recommendations on fiscal roadmap, financing of security-related expenditure, etc.; On tax front, the first report (2020-21) recommends a devolution of taxes of Rs. 8,55,176 Crores to t...