Category : Appointment/ResignationPublished on: January 02 2024
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The 16th Finance Commission was constituted by the President in December 2023.
Arvind Panagariya has been made the Chairman of the 16th Finance Commission.
Arvind Panagariya has been the former Vice Chairman of NITI Aayog.
This Finance Commission will submit its report to the President by October 31, 2025.
This commission will give recommendations for the next 5 years from April 1, 2026.
Finance Commission is a constitutional institution.
It is formed under Article 280 of the Constitution.
Its function is to recommend the distribution of taxes between the Center and the states and to decide the framework for distribution of taxes among the states.
N. K. Singh was made Chairman of the 15th Finance Commission.
K. C. Niyogi was the chairman of the first Finance Commission constituted in the year 1951.
