Members and Secretary of the Second Mizoram Finance Commission submitted their report to state Governor Dr Hari Babu Kambhampati at Raj Bhavan on July 20.
The Governor will forward the State Finance Commission report to the state Finance Department for in-depth studies and consideration.
The State Finance Commission (SFC) has prepared the report after conducting a thorough study on the share of local governments, village councils, municipalities, and autonomous district councils from various taxes collected by the state government.
''It also made recommendations for better fiscal management for these local bodies. This report would be binding to the state for 202-22 to 2025-26 financial years,'' said an official statement.
The Commission has submitted its report to the Governor after a year and 10 months of research. The action taken report of the State Finance Commission report would, later on, be laid in the Legislative Assembly as required by the Indian Constitution. The report is divided into 11 chapters with contents of 549 pages.
Local body grants from the 15th Union Finance Commission to village councils and municipalities will not be available until the action taken report on the State Finance Commission report is laid out in Legislative Assembly before March 31, 2024.
The State Finance Commission report will enable local governments to foresee how they will receive their annual funds from the state government.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today