Consider the following statements regarding recommendations of the 15th Finance Commission:
1. The share of states in the centre’s taxes is recommended to be decreased from 42% during the 2015-20 period to 41% for 2020-21.
2. The 1% decrease is to provide for the newly formed union territories of Jammu and Kashmir, and Ladakh from the resources of the central government.
3. The Commission has recommended Grants-in-aid to all tiers of the Panchayati Raj, 75 % of the grant will be Basic Grant and 25 % will be the Tied Grant.
Which of the statements given above is/are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2, and 3