Finance Commission expected to be constituted by November end: Finance secretary
The Hindu
The 16th Finance Commission is expected to be constituted by end of November
The government is expected to constitute the 16th Finance Commission by end of November, Finance Secretary T V Somanathan said.
Finance Commission is a constitutional body that gives suggestions on Centre-State financial relations.
It suggests, among other things, the ratio in which tax is to be divided between the Centre and States for five years, beginning April 1, 2026.
"The Finance Commission is expected to be constituted by end of November because that's the statutory requirement," he told PTI in an interview.
Terms of Reference (ToR) for the Commission is being finalised, he said.
The previous Finance Commission submitted its report on November 9, 2020, for the 5 fiscals — 2021-22 to 2025-26 — to the President.
The 15th Commission under N.K. Singh had kept the tax devolution ratio at 42% — at the same level suggested by the 14th Commission.
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