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N.K. Singh calls for a fresh look at the Seventh Schedule
Why is it in news?
- Fifteenth Finance Commission chairman N.K. Singh has called for a fresh look at the Constitution’s Seventh Schedule.
Details:
- The seventh schedule forms the basis for allocating subjects to the Centre and States.
- K. Singh hinted at the need to fill an ‘institutional vacuum’ created by the abolition of the Planning Commission.
More form N.K. Singh:
- Co-ordination mechanism between the Finance Commission and the GST Council had now become an ‘inescapable necessity’.
- The Finance Commissions look at projections of expenditure and revenue.
- GST Council look after the GST rates exemptions, changes, and implementation of the indirect taxes.