Summary |
The Fiscal Responsibility and Budget Management Act, 2003, requires rules to be made under the Act to specify the annual targets for reduction of fiscal deficit and revenue deficit, contingent liabilities and total liabilities.
Spread over 30 chapters, this book provides a detailed description and analysis of the evolution and the present structure of fiscal federalism in India. In particular, it contains highlights and summary of each Finance Commission Report from First to Thirteenth Finance Commission. A detailed note on the National Level Goods and Services Tax (GST)- scheduled to be introduced from April 1, 2011 – also forms part of the book.
Besides, it contains time-series data (1950-51 to 2010-11) on India’s public finances. It also includes a glossary of fiscal terms.
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