As per accepted recommendations of 13th Finance Commission (FC-XIII), the States’ share has been fixed at 32% of the net proceeds of sharable Central Taxes for the period from 1.4.2010 to 31.03.2015, and accordingly, devolution is being made to the State Governments.
The details of net proceeds of Central Taxes and the amount of State’s share released/being released for the financial year 2010-11, 2011-12 and 2012-13 are as under:Online GST Certification Course by TaxGuru & MSME- Click here to Join
(Rs in crore)
|Net proceeds of Central Taxes||569869||629765||742115|
|States’ share devolution||219303||255414||291547|
The proportion of States’ share in central taxes is recommended by the Finance Commission and constituted every five years. The 14th Finance Commission has already been constituted on 2nd January, 2013 which will submit its report by end October 2014 covering its award period from 1.4.2015 to 31.3.2020.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.