Patna,(BiharTimes): All mainstream political parties as well as academic and professional organisations have in a joint memorandum urged the 14th Finance Commission to provide higher tax revenue to the state to tide over socio-economic backwardness on long-term basis.

Addressing a joint Press conference the member-secretary of the Asian Development Research Institute (ADRI) Shaibal Gupta said that the 14th Finance Commission has been urged to increase the share of states in the Central taxes from the existing 32 per cent to 50 per cent that would benefit Bihar too.

State Speaker Uday Narayan Chaudhary, water resources minister Vijay Kumar Chaudhary and energy minister Bijendra Prasad Yadav, RJD leader in state Assembly Abdul Bari Siddique, BJP MLA Vinodanand Jha, and representatives of LJP, CPI(M), CPI, BSP and other political parties were present at the Press meet,

They have also proposed that the indicative limit of overall revenue transfer to the states’ be enhanced from the present 39.5 per cent to at least 60 per cent of the gross revenue receipts of the Centre. It has further suggested to accord 20 per cent weightage to population, 70 per cent to income distance and 10 per cent to fiscal disciple in the tax devolution formula.

They said the state specific grants have been suggested for re-orienting and strengthening social sector, infrastructure, e-governance and IT sector, besides funds for rehabilitation of sick units, Patna airport, agriculture roadmap and other areas.

The present Finance Commission has been asked to consider allocation of four per cent of the total Central taxes for the local bodies like the Panchayati Raj Institutions and Urban Local bodies.

According to them it is the endeavour of all parties to shed their political differences to seek additional financial devolution from the Centre on the basis of recommendations of the 14th Finance Commission so that the socio-economic disparities in Bihar could be bridged by getting funds in commensurate to actual need of the state and its people.

The memorandum will be submitted to the members of the 14th Finance Commission during their three-day visit to Bihar from January 6.