Finance Commission News

In Tripura, the government has allocated Rs. 31.1259 crores in Untied Grants (2nd installment) while for Karnataka, Rs. 404.9678 crores in Untied Grants (2nd installment) has been released.

The period of appointment of the economic advisor in the Commission will be for two years or till the Commission submits its report

The Sixteenth Finance Commission, appointed recently, has been requested to make its report available by 31st day of October, 2025 covering a period of five years commencing on the 1st day of April, 2026.

From January 2015 to August 2017, Panagariya served as the first Vice Chairman of the NITI Aayog, in the rank of Cabinet Minister.

Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations.

India's Annual Gross Domestic Product (GDP) for April-June 2020 slowed down to 23.9 percent. Centre has put forward the option before states to take loan to deal with the shortfall in GST compensation. If states borrow loans for the purpose, then the financial burden would fall on the states.

Nitish Kumar on Tuesday once again made a pitch for special category status and said that backward states like Bihar must be supported so that they can catch up with the developed states.

Former finance minister P. Chidambaram on Monday urged the chief minister's and finance minister of all the state to come together and raise an objection on the Terms of Reference (ToR) prescribed by the 15th Finance Commission for allocation of funds to states.

Prime Minister Narendra Modi will chair the upcoming meet of NITI Aayog's Governing Council on Sunday, which is poised to draw up a 15-year development road map called Vision 2030.

Accusing the opposition parties for criticising the union government over special category status to Andhra Pradesh despite its announcement of a special economic package, the BJP on Sunday challenged them for an open debate on the issue.

Government on Tuesday urged the Rajya Sabha to pass the GST bill expeditiously to enable states get a share of the Service Tax which is not shared under the provisions of 14th Finance Commission.

Jaitley appreciated their efforts in attracting foreign investment and expressed the hope that "the growth momentum would catch pace in coming months".  

Rejecting criticism that West Bengal has not gained from the 14th Finance Commission, Finance Minister Arun Jaitley on Saturday said the state will get Rs 2,85,200 crore during 2015-20, which is nearly three times the amount it received in the previous five years of UPA-2 regime.

Majority of states would stand to gain due to implementation of the 14th Finance Commission recommendations which has suggested 10 percent hike in devolution of funds to them, Finance Minister Arun Jaitley said Monday.

Prime Minister Narendra Modi on Wednesday suggested that additional funds and resources at the disposal of states should be directed primarily towards nation building, an official release here said.

Refuting allegations that Odisha would lose revenue following the recommendations of the 14th Finance Commission, union Petroleum Minister Dharmendra Pradhan said on Sunday that it would get about Rs.8,000 crore more funds per annum compared to the 13th commission allocations.

In a significant recommendation, the 14th Finance Commission has called for reforms in property tax regime by giving powers to panchyats and municipalities to levy the tax on plinth basis with a provision for periodic revision and minimising grant of exemptions.

The 14th Finance Commission on Tuesday suggested a fiscal deficit target of 3.6 percent of GDP in 2015-16 and 3 percent in the subsequent years on the back of likely pick-up in economic growth.

The total devolution to the states in 2015-16 will be Rs 5.26 lakh crore, as against Rs 3.48 lakh crore in 2014-15, representing an increase of Rs 1.78 lakh crore.

In a letter to all Chief Ministers, Modi said the states are free to change Centrally Sponsored Schemes and plan the course of their development.