Delhi, 14 October (H.S.): The central government has extended the deadline for the 16th Finance Commission to submit its report by one month, setting a new date of November 30. The commission is a constitutional body responsible for providing recommendations on the financial relations between the Union government and the states.
According to a notification issued by the Ministry of Finance on October 10, the final date for the report’s submission has been officially moved. The commission, which was constituted on December 31, 2023, with former NITI Aayog Vice Chairman Arvind Panagariya as its Chairman, was originally scheduled to present its findings by October 31.
The primary mandate of the 16th Finance Commission is to recommend the formula for the distribution of taxes between the Centre and the states for the five-year period commencing April 1, 2026.The panel includes four members. Retired bureaucrat Annie George Mathew and economist Manoj Panda serve as full-time members. Soumya Kanti Ghosh, the State Bank of India (SBI) Group’s Chief Economic Advisor, and T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), are part-time members.
In addition to advising on tax devolution and revenue augmentation measures, the commission will also review the current financing arrangements for disaster management initiatives under the framework of the Disaster Management Act, 2005.
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Hindusthan Samachar / Jun Sarkar
