What is the percentage of tax devolution to the State from the Central taxes as per the 15th Finance Commission recommendations for 2021-2026?

Correct option is D

The correct answer is (d) 41
Explanation:
● The 15th Finance Commission, chaired by N.K. Singh, recommended that the share of states in the central divisible pool of taxes should be 41% for the period 2021-26.
● This is a 1% decrease from the 42% recommended by the 14th Finance Commission, adjusted to provide for the newly formed Union Territories of Jammu & Kashmir and Ladakh.
Information Booster:
● The Finance Commission is a constitutional body formed under Article 280 of the Indian Constitution.
● The criteria for devolution include Income Distance (45%), Area (15%), Population (2011 census - 15%), Demographic Performance (12.5%), and Forest & Ecology (10%).
Additional Knowledge:
● First Finance Commission was established in 1951 under the chairmanship of K.C. Neogy.