The 15th Finance Commission presents its report for 2020-21 to the President
New Delhi, December 5 () The Finance Commission presented its report for fiscal year 2020-21 to President Ram Nath Kovind on Thursday.
The Commission headed by N. K Singh informed the President of the recommendations contained therein, said an official statement.
The fifteenth Finance Commission was constituted by the President of India under Article 280 of the Constitution on November 27, 2017, to make recommendations for a period of five years from April 2020 to March 2025, he said.
The Commission had a wide range of terms of reference contained in the Presidential Notification, he said.
Subsequently, the Gazette Notification of November 27, 2019 ordered the Commission to submit the report for the financial year 2020-21 before November 30, 2019, and then the final report for the period from April 2021 to March of 2026 on October 30, 2020, he said.
Last month, the government extended the term of the 15th Finance Commission, which is to decide on the division of taxes and other resources between the Center and the states, approximately one year until October 30, 2020.
The commission term was originally due to end in October 2019, but it lasted for a month until November 30. The extension of the term was granted to allow the commission to examine several comparable estimates of financial projections in view of the reforms and new realities to finalize its recommendations for the period 2020-2026. DP MR