Quick Summary
Finance ministry on Monday told the Lok Sabha that it was going to constitute the 16th Finance Commission (SFC) in the current calendar year. The recommendations of the SFC will be for five years starting FY27. Replying to a question by Ambedkar Nagar MP Ritesh Pandey, Minister of State for the Finance Ministry Pankaj Chaudhury answered in the affirmative. The terms of reference and other modalities are governed under Article 280 of the Constitution, Chaudhury said, without answering if the g
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FAQ :
The Finance Ministry announced that the 16th Finance Commission will be constituted in the current calendar year.
The Finance Commission is a constitutionally mandated body that devises a formula for distributing net tax proceeds between the Centre and states, as well as among states and local bodies.
The recommendations of the 16th Finance Commission will be for five years, starting from FY27.
The Finance Ministry allocated a token amount of Rs 10 crore for establishing attached offices for the 16th Finance Commission in the FY24 Budget.
The 15th Finance Commission marginally reduced the un-tied share of states in net central taxes to 41 per cent from 42 per cent, following the split of Jammu and Kashmir into two Union Territories.
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