FM to table Eco Survey, Finance Comm report today
A day before unveiling the budget, Finance Min Pranab Mukherjee will table the Economic Survey in Parliament on Thursday which will take stock of the economy and also the impact of stimulus on industry.
Besides the Survey, the Minister will also present the report of the 13th Finance Commission on sharing of taxes between the centre and states for the five-year period beginning April 2010, along with an action taken report.
"The recommendations of the 13th Finance Commission with the explanatory memorandum as to action taken on recommendations will be placed before both the Houses of Parliament on 25th February ," Minister of State for Finance Namo Narain Meena told the house in a written reply.
The report assumes importance in the backdrop of the government's decision to implement GST and the Direct Taxes Code.
As per the current indications, the new tax structures on direct and indirect taxes are likely to be implemented from April 2011.
The Finance Commission, headed by Vijay Kelkar, had submitted the report to President Pratibha Patil on 30th December, 2009. The report was later considered by the Union Cabinet.
Earlier, Finance Minister Pranab Mukherjee had said the Finance Commission's recommendations would be reflected in the Budget to be unveiled in the Lok Sabha on 26th February.
The recommendations would cover the five-year period commencing from 1st April, 2010.