CURRENT AFFAIRS

Detailed explanation-1: -The Fifteenth Finance Commission (FC) has considered the 2011 population along with forest cover, tax effort, area of the state, and “demographic performance” to arrive at the states’ share in the divisible pool of taxes. 10. Which of the following is not a member of the 15th Finance Commission?

Detailed explanation-2: -The Fifteenth Finance Commission (XV-FC or 15-FC) is an Indian Finance Commission constituted in November 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 2020-04-01.

Detailed explanation-3: -The Commission observed that the recommended path for fiscal deficit for the centre and states will result in a reduction of total liabilities of: (i) the centre from 62.9% of GDP in 2020-21 to 56.6% in 2025-26, and (ii) the states on aggregate from 33.1% of GDP in 2020-21 to 32.5% by 2025-26.

Detailed explanation-4: -The Fifteenth Finance Commission (XVFC) led by Chairman N K Singh, on Monday submitted its Report for the period 2021-22 to 2025-26 to President of India Ram Nath Kovind. Members of the Commission, Ajay Narayan Jha, Prof. Anoop Singh, Dr.