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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