Finance Commissions and Fiscal Federalism in India: First Finance Commission to Thirteenth Finance Commission

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Finance is the life blood of a government Arrangements for finance is more complicated in a federal system creates a multiple polity based on divided functions and powers among central, state and local governments, Fiscal federalism, as a branch of public finance, deals with financial arrangements and their working in a federal polity.

Fiscal federalism is a subject of topical interest in India in view of some recent developments of historical importance. With the passage of the Constitution (Seventy-third Amendment) Act, 1992, a uniform structure of panchayats has emerged throughout the country. Similarly, the passage of the Constitution (Seventy-fourth Amendment) Act, 1992 was a landmark in the history of municipal administration in India. As a result of these amendments, panchayats and municipalities are now constitutional bodies forming the third tier of the federal polity of India.

Furthermore, the Constitution (Eightieth Amendment) Act, 2000, significantly changed the manner of distribution of Central tax collections between the Central and State Governments. Prior to this amendment, income tax and Union excise duties were the only taxes shared with the states. This amendment altered the pattern of sharing of Central taxes between the Centre and the States by providing for the sharing of the net proceeds of all Union taxes and duties with the States. Still further, the Constitution (Eighty-eighth Amendment) Act, 2003 included taxes on services under entry 92C in the Union List (List I) in the Seventh Schedule of the Constitution.

ABOUT THE AUTHOR M.M. Sury

M.M. Sury received his B.A. (Hons.), M.A., and Ph.D. degrees in economics from the University of Delhi. Specialising in fiscal economics, he has published widely on the Indian fiscal system in national and international journals. He was a Visiting Fellow at the International Bureau of Fiscal Documentation, Amsterdam (May 1989), a Fellow at the Indian Institute of Advanced Study, Shimla (1991-92) and a Visiting Fellow in the Department of Law and Management, University of Mauritius, Mauritius (September-October, 2000). He has Economic Adviser, Delhi State Finance Commission (1996-97). Presently, he is a Reader in the Department of Economics, A.R.S.D. College, University of Delhi. He is also the President of the Indian Tax Foundation.

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Bibliographic information

Title
Finance Commissions and Fiscal Federalism in India: First Finance Commission to Thirteenth Finance Commission
Author
Edition
1st ed.
Publisher
ISBN
9788177082388
Length
xlii+569p., Tables; Appendices; Bibliography; Index; 25cm.
Subjects