New Delhi, Feb 13 (IANS) As it looks forward to present its final report for financial years 2021-26, the Advisory Council to the 15th Finance Commission met here on Thursday to take views on its report for the year 2020-21 and the formula for horizontal devolution of Central taxes and other recommendations contained in the report.
The sixth meeting of the Council also noted views on the outlook for nominal GDP growth for the period 2021-22 to 2025-26, tax buoyancy and other macro-economic parameters relevant for the commission for the aforesaid period.
While discussing about the framework for vertical and horizontal devolution of taxes, the methodological innovations made in the report were favourably commented upon by the council.
The options for nominal GDP growth and resource mobilisation, as well as the downsides and upsides to different possibilities therein were discussed in detail, particularly in the light of emerging global trends and patterns discernible in high-frequency, domestic indicators.
The centrality of strengthening the administration and technology platform of GST in ensuring fiscal balance of the Centre and the States was also emphasised.
Apart from the the bchairman, the meeting was attended by economists and experts such as Indira Rajaraman, Arvind Virmani, M. Govinda Rao, Prachi Mishra, Sudipto Mundle and Dr Krishnamurthy Subramanian. The meeting was also attended by bureaucrats and scholars including Bibek Debroy, Ratan P. Watal, Amitabh Kant, Atanu Chakraborty, Abhijit Sen, and Ajit Mishra.