The 15th Finance Commission has finalized the report that is to be submitted to President Ram Nath Kovind. The Finance Committee has been established in November 2017. The commission is entrusted to give recommendations on taxes and other fiscal matters. The recommendations and plans are given for a tenure of 5 years. The report now formulated includes the fiscal years 2021-22 to 2025-26. The report is scheduled to be submitted to the president on 9th November.
The Commission is headed by Chairman N K Singh. The deliberations made on the report were concluded on Friday. The report was signed by a few members of the Finance Commission which included Anoop Singh, Ashok Lahiri, Ajay Narayan, and Ramesh Chand. The Commission had requested for some more time to formulate the report before presenting it in front of the honorable president. The president has now been informed that the report will be submitted on November 9, 2020.
The commission is also making the arrangements to present a copy of the report to the honorable prime minister Narendra Modi. The report to the prime minister will also be presented next month.
The report will be formulated in the Parliament by Union Finance Minister. The action taken by the Government of India will be a part of the report. The report has been formulated after multiple consultations. The Union government, State government, and the local government at various tier were consulted for the same. Further consultations were also done with experts of the other domains and academic institutions. The consultation with the experts ensured the efficiency of the plan and that it remains to the best needs of the people