13th Finance Commission of India submits report to President

NEW DELHI - The 13th Finance Commission, headed by former Finance Secretary, Vijay Kelkar, submits its report to President Pratibha Patil on devolution of federal tax receipts between the Central and the State governments.

Kelkar presented the report to Patil at the Rashtrapati Bhavan here today.

The President will hand over the report to the Finance Ministry, which will then take it up with the Union Cabinet for a adoption. The report is expected to be tabled in the next Budget session of Parliament.

The report of the Finance Commission is very important as it includes many reforms in both direct and indirect taxes.

The Government has deferred the roll-out for a Direct Taxes Code till 2011 but the Goods and Services Tax, which is the proposed reform in indirect taxes, will be released with the beginning of the next financial year in April, 2010. (ANI)