Key Points
New Delhi: The Indian government on Tuesday approved the setting up of a new Finance Commission that will recommend how federal taxes will be shared with states...
The federal cabinet has approved the so-called terms of reference for the 16th Finance Commission, Information and Broadcasting Minister Anurag Thakur said on Wednesday...
The government has not yet announced the composition of the commission or the detailed terms of reference...
Every five years, India sets up a Finance Commission to suggest the formula for sharing of taxes between the federal and state governments, and make recommendations on public finances...
The panel will recommend grants given by the federal government to states, and suggest ways to shore up states consolidated funds, among others, minister Thakur said.. (Reporting by Nikunj Ohri; Editing by Mrigank Dhaniwala)..
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