Which of the following statements with regard to the recommendations of the 15th Finance Commission of India are correct? I. It has recommended grants of ₹4,800 crores from the year 2022-23 to 2025-26 for incentivizing States to enhance educational outcomes. II. 45% of the net proceeds of Union taxes should be shared with the States. III. ₹45,000 crores are to be kept as performance-based incentive for all States for carrying out agricultural reforms. IV. It reintroduced the tax effort criteria to reward fiscal performance. Select the correct answer using the code given below.
Answer explanation
I, III and IV The 15th Finance Commission recommended ₹4,800 crore grants (2022-23 to 2025-26) for incentivizing states on education outcomes (I correct), earmarked ₹45,000 crore as performance-based incentives for agricultural reforms…