Key Points
The government is likely to set up the 16th finance commission this year to suggest, among other things, the ratio in which tax is to be divided between the Centre and states for five years, beginning April 1, 2026, an official said..
The members of the commission and its Terms of Reference (ToR) are being worked out, the official added.. Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations...
The previous Finance Commission submitted its report on November 9, 2020, for the 5 fiscals -- 2021-22 to 2025-26 -- to the President...
The 15th finance commission's recommendations include the fiscal deficit, debt path for the Union and states, and additional borrowing room to states based on performance in power sector reforms...
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