Finance Commission Likely To Get Extension For Working On Devolution To Uts Of J&K, Ladakh

The Finance Commission may get extension as the panel has to examine devolution to Union territories of Jammu and Kashmir and Ladakh in the light of Jammu and Kashmir Reorganisation Act, 2019. According to the Act, the distribution of taxes suggested by the 15th Finance Commission to the state of Jammu and Kashmir will have to be apportioned to the Union Territories of J&K and Ladakh. The award made by the Fourteenth Finance Commission to the existing state of Jammu and Kashmir will be apportioned between the successor Union territories of Jammu and Kashmir and Ladakh by the central government on the basis of population ratio and other parameters. According to the law, the President of India, ‘on the appointed day’, has to make a reference to the Finance Commission for distribution of taxes to the two Union territories, 15th Finance Commission Chairman N K Singh said on the sidelines of an event organised by TIOL here.