India finance panel submits report on tax sharing

A government-appointed panel on Wednesday submitted a report to the Indian president recommending the formula for sharing of tax revenues between the federal government and states in a five-year period ending March 2015.

A government-appointed panel on Wednesday submitted a report to the Indian president recommending the formula for sharing of tax revenues between the federal government and states in a five-year period ending March 2015.

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The finance ministry said in a statement that the government would tabulate the report of the 13th Finance Commission in the parliament in due course. The finance panel's chairman, Vijay Kelkar, did not elaborate on the details of the report.