15th Finance Commission will submit its report latest by end of December, says N K Singh

PATNA: The 15th Finance Commission chairman N K Singh on Sunday said the commission would submit its report to the Centre latest by the end of December 2019, so that Budget presentation of Union and state governments are not hampered.
Talking to TOI at his residence in Sheikhpura locality of the state capital, Singh said as per the Commission’s term of reference (ToR), the report should be submitted by October 30 this year.“But there may be some spill over. Previous finance commissions too have taken an additional time of two or three months. In any case, the report will be presented to the Union government by end of the December,” he said.
He said the Centre spends around 3.55 lakh crore on centrally sponsored schemes (CSS). Earlier the life cycle for every CSS was co-terminus with the life cycle of every Five-Year Plan. Now the Five-Year Plans have been abolished. Two years ago, with the abolition of the Planning Commission, it was decided that the life cycle of every CSS will be co-terminus with the life cycle of every finance commission. Therefore, this financial year (2019-20) will be the last year of the existing CSSs because it would the last year of the 14^th finance commission. The recommendation of the 15^th finance commission would be effective from FY 2020-21 to 2024-25 for a period of five years. Hence, we have a great task to take a decision on whether to shrink or expand the financial size of the CSS? “It is big question before us,” he said.
Singh said the 15^th Commission has so far visited 20 out of 29 states. “We have nine more states to visit. Once we cover all states and held discussion with the concerned departments of the Union government, we will take a call on finalizing formula for distribution of gross divisible resources among the Centre and the states,” he said.
Singh said he came to his hometown (Patna) on Sunday with sole purpose of casting his vote. Singh cast his vote at a polling booth at Kendriya Vidyalaya, Bailey Road, Sheikhpura, which falls under Digha assembly segment of Patna Sahib Lok Sabha constituency where Congress candidate and sitting MP Shatrughan Sinha is locked in a close contest with Union minister and BJP candidate Ravi Shankar Prasad.