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  • 30 January, 2024

  • 2 Min Read

16th Finance Commission- Article-280

Cabinet approves creation of 3 officer-level posts for 16th Finance Commission.

  • Chairman – Arvind Panagariya
  • Secretary – Ritvik Ranjanam Pandey
  • 3 new posts – Created at the level of Joint Secretary i.e. 2 posts of Joint Secretary and 1 post of Economic Adviser who are required to assist the Commission in carrying out its functions.
  • Functions – To suggest the principle of tax devolution between the Centre and States and revenue augmentation measures.
  • To review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.
  • Reporting – It would submit its report to the President by October 31, 2025 and it would be for 5 years commencing April 1, 2026.

Finance Commission of India (FC)

  • It is a quasi-judicial constitutional body under Article 280 of Indian constitution.
  • Constituted byThe President of India every 5th year or at such earlier time as he considers necessary.
  • 1st FC – 1951 chaired by
  • Role – To make recommendations regarding
    • Sharing of central taxes with states
    • Distribution of central grants to states
    • Measures to improve the finances of states to supplement the resources of panchayats and municipalities, and
    • Any other matter referred to it.
  • Limitations – Recommendations are only advisory in nature and hence, not binding on the government.

The erstwhile 15th Finance Commission under N.K. Singh had recommended that States be given 41% of the divisible tax pool of the Centre during 5-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission.


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