The 15th Finance Commission has given a big relief to the Central Government trapped in a severe financial mess due to Coronavirus. At a time when the chances of large borrowings on the government are increasing, the Commission has clearly told the government that it needs to focus on getting the economy out of the crisis, regardless of debt and financial pressure.

In his statement, Finance Commission Chairman N.K. Singh said that there is huge financial pressure on both the Center and the state government, and revenue collection has been shown to be very low from both sides. On Friday, the Finance Commission held meetings with the Ministry of Rural Development and the Ministry of Agriculture with its Advisory Council. Members of the Advisory Council said that Corona will have an adverse impact on the country's economy and this will also affect the country's revenue collection.

The Advisory Council also discussed the adverse effects caused by the economy in the tax revenue collection of the Union and State Governments. Some council members said the tax collection could be affected by the Corona epidemic. He also indicated that the impact of the epidemic on tax collection may be skewed.

Members of the Advisory Council said in the meeting that there is great uncertainty in moving forward and there will be major challenges before the Commission in preparing the fiscal transfer for a period of five years. The Commission along with the Advisory Council will closely monitor the emerging signals on the economic and fiscal front so that the best possible assessment can be made.

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