Explain the fiscal federalism in India.
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Fiscal Federalism in India. Fiscal Federalism refers to the division of responsibilities with regards to public expenditure and taxation between the different levels of the government
Definition of Fiscal Federalism. At its most basic level, fiscal federalism attempts to define the division of governmental functions, and the financial relationship between, different levels of government (usually how federal or central governments fund state and local governments).
The principles of fiscal federalism are concerned with the design of fiscal constitutions – that is, how taxing, spending, and regulatory functions are allocated among governments and how intergov- ernmental transfers are structured.
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