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Finance panel won’t accept Centre’s GDP forecasts, says N K Singh

The Fifteenth Finance Commission (FC) is not obliged to accept nominal gross domestic product (GDP) forecasts given by the central government and will make its own judgement, FC Chairman N K Singh said on Friday. Singh said he would meet state finance ministers at the next Goods and Services Tax (GST) Council meeting on September 20 in Goa. The topics for discussion will include whether the GST compensation period should be extended by three years to be co-terminus with the 15th FC award period, and whether the 14 per cent revenue growth, on the basis of which states are compensated, …

Source: Business Standard