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Finance Commission to be constituted by November end
The Business Guardian
|August 21, 2023
The government is expected to constitute the 16th Finance Commission by the end of November, finance secretary T. V. Somanathan said. The Finance Commission is a constitutional body that makes suggestions on centre-state financial relations.
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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 the end of November because that’s the statutory requirement,” he said. The Terms of Reference (ToR) for the commission are being finalised, he said. The previous Finance Commission submitted its report on November 9, 2020, for the five fiscal years (2021–22 to 2025–26) to the President. The 15th Commission under N. K. Singh kept the tax devolution ratio at 42 percent— aat the same level suggested by the 14th Commission.
This story is from the August 21, 2023 edition of The Business Guardian.
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