Fifteenth Finance Commission to submit its report to President Ram Nath Kovind on November 9

The Fifteenth Finance Commission headed by NK Singh will submit its report to President Ram Nath Kovind on November 9, 2020. The Commission concluded their deliberations today on the Report for the next five financial years starting from 2021-22 to 2025-26.

The report has been finalized after wide-ranging consultations with the Union and State Governments, local governments, 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 Finance Commission will also present a copy of the Report to the Prime Minister later next month. The Report will be tabled in the Parliament during the next session by the Union Finance Minister Nirmala Sitharaman along with an Action Taken Report of the Government.

The Fifteenth Finance Commission was constituted by the President with N. K. Singh as its Chairman. The other members of the Commission include Ajay Narayan Jha, Prof. Anoop Singh, Dr Ashok Lahiri and Dr Ramesh Chand.

Traditionally, Finance Commissions have recommended the formula for tax devolution and grants to the states but the 15th Finance Commission was given the additional remit of coming up with a fiscal consolidation roadmap for general government. This finance commission had submitted its interim report for the financial year 2020-21 (FY21) in November 2019 and had recommended a 41 per cent share of taxes for the states with 1 per cent going towards the Union Territories of Jammu and Kashmir and Ladhak.