The Commission has already submitted its interim report to the President regarding devolution of tax receipts between the Centre and states/Union Territories.
The final report is expected later in the year.
Meanwhile, the sixth meeting of Advisory Council to the Commission was held to seek views of the participants on the report of the XV-FC for 2020-21, the formula for horizontal devolution of central taxes and other recommendations contained in the report.
Views on the outlook for nominal GDP growth for the period 2021-22 to 2025-26, tax buoyancy and other macro-economic parameters too was discussed.
"While discussing about the framework for vertical and horizontal devolution of taxes, the methodological innovations made in the Report were favourably commented upon," the Commission said in another statement.
The options for nominal GDP growth and resource mobilisation, as well as, the downsides and upsides to different possibilities therein were discussed in detail, particularly in the light of emerging global trends and patterns discernible in high-frequency, domestic indicators.
The centrality of strengthening the administration and technology platform of GST in ensuring fiscal balance of the Centre and the states was also emphasised.
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