Mumbai: Economic Advisory Council of the Fifteenth Finance Commission on Monday discussed issues related to GST stabilisation and possible ways to improve tax collection for additional resource mobilisation.
"Advisory Council was informed about submission of the 2020-21 report and now the Commission is on its next task of preparing the report for 2021-26 period," said an official release after the fifth meeting of the Fifteenth Finance Commission.
Talking to reporters, Finance Commission Chairman N K Singh said the Commission plans to make recommendations on Goods and Services Tax (GST), which will be for the GST Council to consider.
The Fifteenth Finance Commission discussed issues related to stabilisation of Goods and Services Tax (GST), relationship between GST Council and Finance Commission, and GST compensation being paid to states.
Singh also said the Commission was planning to make medium-term revenue projections in its report.
The Council discussed the possible macro assumptions for the Commission's award period relating to real growth, inflation etc were discussed in detail.
Matters like the structural shift in inflation, relationship between the GDP deflator and consumer price inflation, and possible trajectories of movement in real activity were also discussed.