Finance Commission discusses constitution of property tax board in states, fund devolution to RLBs

Economy


New Delhi: The 15th Finance Commission on Thursday held meeting with the Ministry of Panchayati Raj and discussed constitution of a property tax board by states among other matters. The ministry submitted that the Commission may consider to keep its award to the PRIs (Panchayati Raj Institutions) for the revised period 2021-2026 at Rs 10 lakh crore, an official statement said.

The meeting was held for forming up Commission’s recommendations for the years 2020-21 to 2025-26.

The meeting also discussed the status on the state-wise devolution of funds to rural local bodies (RLBs), state-wise pattern of ‘own resources’ generated by RLBs since 2011-12 and the impact of GST on RLB‘s revenue.

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Constitution of a Property Tax Board by states was also discussed during the meeting, besides release of performance grants to states, it said.



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