Which of the following statements with regard to recommendations of the 15th Finance Commission of India are correct? I. It recommended ₹4,800 crores for incentivizing States to enhance education. II. 45% of Union tax proceeds shared with States. III. ₹45,000 crores as incentive for agricultural reforms. IV. Reintroduced tax effort criteria to reward fiscal performance.\n\nSelect the correct answer:
Question:
Which of the following statements with regard to recommendations of the 15th Finance Commission of India are correct? I. It recommended ₹4,800 crores for incentivizing States to enhance education. II. 45% of Union tax proceeds shared with States. III. ₹45,000 crores as incentive for agricultural reforms. IV. Reintroduced tax effort criteria to reward fiscal performance.\n\nSelect the correct answer:
Which of the following statements with regard to recommendations of the 15th Finance Commission of India are correct? I. It recommended ₹4,800 crores for incentivizing States to enhance education. II. 45% of Union tax proceeds shared with States. III. ₹45,000 crores as incentive for agricultural reforms. IV. Reintroduced tax effort criteria to reward fiscal performance.\n\nSelect the correct answer:
Options
Answer: I, III and IV
Explanation:
The Commission retained 41% devolution, not 45%; it recommended education and agriculture incentives and reintroduced tax effort parameter.
Explanation:
The Commission retained 41% devolution, not 45%; it recommended education and agriculture incentives and reintroduced tax effort parameter.
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