Question : Who is the Chairman of the '14th Finance Commission'?
Option 1: D. Subba Rao
Option 2: Montek Singh Ahluwalia
Option 3: M. Govinda Rao
Option 4: Dr.Y V Reddy
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Correct Answer: Dr.Y V Reddy
Solution : Correct answer is Y. V. Reddy
Governor Y. V. Reddy was the chairman of the 14th Finance Commission. The 14th Finance Commission was constituted on 2nd January 2013 and the recommendations of the 14th Finance Commission came into force in April 2015. The debt of the Union remained within the limits prescribed by the previous commission. This is mainly due to higher nominal GDP growth.
After peaking at 11.9 percent of GDP in 2007-08, gross tax revenue fell by more than 1.7 percentage points in 2012-13. Excise duty and service tax rates were reduced in response to the global economic crisis.
The tax-to-GDP ratio has fallen.
Interest income from outstanding state government loans has decreased.
Capital income from non-debt sources fluctuated.
The income from divestments fell short of expectations.
Due to foregone revenue, tax expenditure, and rising rates of cesses and surcharges, states have been excluded from a large portion of the divisible pool.
Final answer is Y. V. Reddy
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