Finance Commission suggests higher share to states in central taxes

The commission has suggested to raise the share of states in central taxes to 42%

The Finance Commission has suggested raising share of states in central taxes to 42% from current 32%.

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.

"The higher tax devolution will allow states greater autonomy in financing and designing of schemes as per their needs and requirements," the report said.