Finance Minister Arun Jaitley released 14th finance committee report in Parliament
Finance Minister Arun Jaitley on Tuesday said that states must gradually become self-sufficient while the entire system of discretionary payments must end. Addressing the media in the National Capital after the 14th Fianance Commission report was tabled in the Lok Sabha, Jaitley said that there is no service tax in the state of Jammu and Kashmir. The Finance Commission has suggested raising share of states in central taxes to 42 percent from current 32 percent. As per the increased devolution suggested in the report of the 14th Finance Commission, the states will get Rs 3.48 lakh crore in 2014-15 and Rs 5.26 lakh crore in 2015-16.