![]() ![]() The Key recommendations in the first report (2020-21 period) include:įor the period 2020-21, the share of states in the centre’s taxes is to be 41% which is one percent less than the previous commission’s recommendations. The first report of the 15th Finance Commission was tabled in Parliament on February 1, 2020. The first report has the recommendations for the financial year 2020-21, and the second and final report with recommendations for the 2021-26 period will be submitted by October 30, 2020.Ĭomposition of 15th Finance Commission of India:-įormer Member of Parliament and former Secretary to the Government of Indiaįormer Finance Secretary to the Government of IndiaĪdjunct Professor, Georgetown University, USA.įormer Chief Economic Adviser, Ministry of Finance, Government of IndiaĪnd former Chairman (Non-executive) Bandhan Bankġ4th Finance Commission: Share of States in the Union Tax Revenue The current 15th Finance Commission was required to submit two reports. The earlier 14th Finance Commission was headed by the former RBI governor Mr. The duration of the 15th finance commission was supposed to be from 1 April 2020 to 31st March 2025 but it is 2021-26 for the full set of recommendations. The Finance Commission is a constitutional body formed by the President of India to seek suggestions on the share of states in the centre’s taxes.Īrticle 280 of the Indian constitution envisages the formation of the Finance Commission by the President for the period of the 5 years. ![]() Parent department: Department of Economic Affairs, Ministry of Financeĭuration: 5 years (2021 -2026), Annual Report-2020-21 Part-Time Member: Ramesh Chand, Shaktikanta Das served as a member of the commission from Chairman of 15th Finance Commission: Nand Kishore Singhįull-time members of the 15th Finance Commission: Ashok Lahiri, Ajay Narayan Jha, and Anoop Singh.
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