TN asks Finance Commission to consider 'income distance' for tax devolution

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TN asks Finance Commission to consider 'income distance' for tax devolution - Business Standard

Quick Summary:

A state’s contribution to the national gross domestic product must get 15 per cent weightage.

The commission must include new criteria such as contribution to the national economy and share in urbanisation within the formula for horizontal devolution.

Income distance is used to calculate the share of states in the divisible pool of taxes: It is the distance between a state's income and the state with the highest income.