The terms of reference and membership are also expected to be announced soon after the national election. Countries have provided their proposed terms of reference.
The government began the process of forming the 16th Finance Commission on Monday, appointing the special head of the advanced cell on Monday. The Finance Commission, which mainly decides the tax sharing formula between the Center and states, is expected to be set up before the end of this year.
The terms of reference and membership are also expected to be announced soon after the national election. Countries have provided their proposed terms of reference.
Indian Government Appointed a joint secretary:-
On Monday, the government announced the appointment of Ritvik Ranjanam Pandey, a 1998 batch IAS officer of the Karnataka cadre as joint secretary in the Revenue Department of the Ministry of Finance, as special officer for the advanced unit of the Ministry 16th Finance. Committee of the Ministry of Finance. Rank and salary of additional secretary. Previously in 2009-2010, as Deputy Secretary, he also served as a member of the 13th Finance Commission.
The 16th Finance Commission will be in charge for a five-year term starting from 2026-27, the report of which is expected to be considered by the government at the time of presentation of Budget 2026-27.
The Finance Commission, established by the President under Article 280 of the Constitution, mainly makes recommendations on the allocation of tax revenue between the Union and the States as well as among the States. The job of the Commission is to correct the vertical imbalance between the fiscal powers and expenditure responsibilities of the Center and the respective States, and balance all public services across the States.
The 15th Finance Commission, chaired by NK Singh, submitted two reports. The first report, which included recommendations for the 2020-2021 fiscal year, was presented to Congress in February 2020. The final report containing recommendations for the 2021-2026 period was presented to Congress on February 1, 2021.
It has been recommended that the central tax rate of the states during 2021-2026 should be equal to that of the states during 2020-2021. This is lower than the 42 per cent recommended by the 14th Finance Commission for 2015-20, with 1 per cent adjusted to account for the new union territories of Jammu, Kashmir and Ladakh.
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