13th Finance Commission submits report to Prez Patil

The 13th Finance Commission, headed by former Finance Secretary Vijay Kelkar, today submitted its report to President Pratibha Patil on devolution of central tax receipts between the central and the state governments. Kelkar presented the report to Patil at the Rashtrapati Bhavan in New Delhi. The President will hand over the report to the Finance Ministry, which will then take it up with the cabinet, which in turn will adopt the report and table it 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.