NEW DELHI: The 15th Finance Commission, headed by NK Singh, has concluded its deliberations and will submit its final report on November 9 to the President of India. The report will set the new fiscal roadmap for Centre and the state finances over the next few years.
The FFC was constituted on November 27, 2017 after the introduction of the Goods and Services Tax (GST) and was suppose to recommend the fund-sharing formula between the Centre and states from 2020-21 to 2024-25.
However, its term was extended by 11 months and it submitted an initial report just for 2020-21. The second report, which contains recommendations for 2021-22 to 2025-26 is crucial since it comes at a time when the Centre and states are both facing a massive crisis.
The report will factor in the unpaid GST compensation dues to States, revenue projections, and views on future compensation to be paid.