Regional

Tripura sends requisition of Rs 1.07 L cr from 15th FC

AGARTALA, Aug 18 (Agencies) | Publish Date: 8/18/2018 11:55:43 AM IST

The Tripura government has sought pre-devolution revenue deficit of Rs 1,07,714.83 Cr from 15th Finance Commission for the period of 2020-21 to 2024-25 financial years besides separate funds of over Rs 4900 Cr for disaster management and Rs 17000 Cr for sector-specific projects.

Law Minister Ratan Lal Nath Saturday said, with the approval of the council of ministers the memorandum has been sent to the 15th Finance Commission, which has not yet finalised the schedule of visiting the state.

The state demanded to increase the share of states in the divisible pool of central taxes from 42 per cent to 50 per cent to as compensation for the losses as the central cesses and surcharges were kept out the divisive pool.

“At least 10 per cent of the divisible pool of central taxes needs to be earmarked for northeastern states and compensation provided to make good the GST revenue losses incurred by the states beyond 5 years is badly needed,” the memorandum stated.

The state government has also demanded the commission to earmark at least 5 per cent of the divisible pool for local self-bodies and separate provision of funding for Tripura Tribal Areas Autonomous District Council (ADC) area development.

The state, however, requested 15th Finance Commission to decide the horizontal sharing of taxes in advance for Tripura out of the total tax pool, so that the state government can plan accordingly.

“Even after vertical sharing of the 42 per cent of the taxes with the states by the 15th FC, Tripura had got only 0.64 per cent of the total share. But if 15th FC increases the vertical tax share to 50 per cent with states, and in the case of Tripura, the volume of money is increased to 1.5 per cent of the total amount of tax devolution, the chronic underdevelopment of the state would be ended by 2024-25,” Nath stated.

He stated that the government has projected the expenditure between 2020-21 and 2024-25 would be Rs 1,22,214.89 Cr and the revenue collection by the state from own sources would not be more than Rs 14,500 Cr.

Hence, the state has placed its demand for Rs1,07,714.83 with the 15th FC apart from grants for state-specific project based allocations, separate funding for disaster management, ADC and local self-government.

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