13th Finance Panel report to be reflected in Budget: FM     

Finance Minister Pranab Mukherjee today said recommendations of the 13th Finance Commission, which submitted its report to President Pratibha Patil earlier in the day, will be reflected in the Budget 2010-11.

"There is a system. (The report) will be tabled in Parliament as per the system," Mukherjee told reporters on the sidelines of a function here. After that, the report will be reflected in the Budget, he said.

The report of the 13th Finance Commission, headed by former Finance Secretary Vijay Kelkar, assumes importance since reforms in the direct and indirect taxes areas are likely to be in place in the next couple of years in the form of Goods and Services Tax (GST) and Direct Taxes Code.

Kelkar presented the report to Patil at the Rashtrapati Bhavan.

The report will be given by the President to the Finance Ministry, which will take it up with the Cabinet. Cabinet will then adopt the report and is expected to table it in the Budget session of Parliament.