NCAER paper recommends states to create independent fiscal councils

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NCAER paper recommends states to create independent fiscal councils - Business Standard

Quick Summary:

The horizontal devolution of taxes among states, awarded every five years, does not provide incentives for fiscal rectitude.

The Fourteenth Finance Commission too noted that globally, several countries had constituted fiscal councils, which help in monitoring and evaluating fiscal policies and management.

Perversely, Finance Commissions are mandated to allocate more resources to states with larger revenue deficits, a mechanism which ironically subsidises errant states,” the paper said.