15th Finance Commission concludes deliberations on 5-year report, to submit to President

The 15th Finance Commission (XVFC) on Friday concluded its deliberations on the report for 2021-22 to 2025-26. The Report was signed by Chairman N. K. Singh and members of the Commission, including Ajay Narayan Jha, Professor Anoop Singh, Dr. Ashok Lahiri and Dr. Ramesh Chand.

According to the official release, the Commission had sought time to present its Report to the President Ram Nath Kovind and it has been communicated by the Office of the President that the Report submission will be on 9th November 2020.

Finance Minister to table report in parliament

The report, pertaining to five financial years, along with an Action Taken Report of the Centre, will be tabled in the Parliament by the Union finance minister Nirmala Sitharaman.

"The XVFC was constituted by the Honourable President of India in pursuance of clause (1) of Article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 (33 of 1951) with N.K. Singh as Chairman, Shaktikanta Das, Dr. Anoop Singh, Dr. Ashok Lahiri and Dr. Ramesh Chand as Members and Arvind Mehta as Secretary. Subsequent to Shaktikanta Das demitting his office, Ajay Narayan Jha was appointed as a Member," the release said.

"The Commission has finalized their Report after wide-ranging consultations with the Union and State Governments, local governments at different tiers, Chairmen and Members of previous Finance Commissions, Advisory Council to the Commission and other domain experts, academic institutions of eminence and multi-lateral institutions," the release added.

READ | Finance Minister Nirmala Sitharaman Sees GDP Growth In Negative Zone Or Near Zero In Current Fiscal

READ | Free COVID Vaccine Promise In Bihar Poll Manifesto Perfectly In Order: Sitharaman

Finance Commission is a constitutional body, that determines the method and formula for distributing the tax proceeds between the Centre and states, and among the states as per the constitutional arrangement and present requirements.

The 15th Finance Commission was constituted on November 27, 2017, in the backdrop of the abolition of Planning Commission and the distinction between Plan and non-Plan expenditure, and the introduction of the Goods and Services Tax (GST). Due to pandemic and the consequential lockdown this year, the economy has taken a hit thereby witnessing a substantial reduction in collection of GST.

(Image credit: PTI)

READ | HUGE: 'Maharashtra Media Freedom In Shambles,' Says FM Sitharaman On Republic Witch-hunt

READ | 'All Options Being Examined': Finance Ministry Clarifies On Vodafone Arbitration Appeal