New Delhi, Dec 30: The 13th Finance Commission today submitted its report to President Pratibha Patil on devolution of central tax receipts between the Union and the state governments.
 The report of the Finance Commission, headed by former Finance Secretary Vijay Kelkar, assumes importance since reforms in the direct and indirect taxes areas are likely to be in place in the next couple of years in the form of Goods and Services Tax (GST) and Direct Taxes Code.
 Kelkar presented the report to Patil at the Rashtrapati Bhavan. The report will be given by the President to the Finance Ministry, which will take it up with the Cabinet. Cabinet will then adopt the report and is expected to table it in the Budget session of Parliament.
 The recommendations of the report, which covers the five-year period commencing April 1, 2010, may find place in the Union Budget for the next fiscal.
 The 13th Finance Commission was constituted by the President on November 13, 2007 under article 280 of the Constitution to determine the sharing of tax revenues between the Centre and the States as well as to make recommendations on other related issues as required under its terms of reference.
The Commission’s report to cover the period 2010-15 was to be submitted by December 31, 2009.

Lastupdate on : Wed, 30 Dec 2009 21:30:00 Makkah time
Lastupdate on : Wed, 30 Dec 2009 18:30:00 GMT
Lastupdate on : Thu, 31 Dec 2009 00:00:00 IST