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Union Cabinet approves Terms of Reference for 16th Finance Commission
Photo Courtesy: PIB

Union Cabinet approves Terms of Reference for 16th Finance Commission

| @indiablooms | 29 Nov 2023, 03:57 pm

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission.

"The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, upon the acceptance by the government, would cover the period of five (5) years commencing April 1, 2026," read a government statement.

"Article 280(1) of the Constitutions lays down that the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and the States, allocation between the States of respective shares of such proceeds; grants- in-aid and the revenues of the States and measures needed to supplement the resources of the Panchayats during the award period," the statement said.

The Fifteenth Finance Commission was constituted on November 27, 2017.

It made recommendations covering the period of six years commencing on 1st April, 2020 through its Interim and Final Reports.

The recommendations of the Fifteenth Finance Commission are valid upto the financial year 2025-26.

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