15th Finance Commission Submits FY21-26 Report To FM Nimala Sitharaman

• The 15th finance commission has submitted the final report for the five years from 2021 to 2026, to the Finance Minister of India, Nirmala Sithraman.

• The finance ministry tweeted about the update on Tuesday.

• The commission also submitted the same report to Prime Minister Narendra Modi on Monday.

• The report titled, ‘Finance Commission in Covid Times’, contains 4 volumes. The first 2 volumes deal with vertical and horizontal tax devolution, grants to local bodies and disaster management whereas the other 2 volumes deal with the matters related to the central and state governments.

• The commission has been chaired by NK Singh. Other members include AN Jha, former finance secretary, Ashok Lahiri, former chief economic adviser, Ramesh Chand, NITI Aayog member and Anoop Singh, former Asia and Pacific director at the International Monetary Fund.