THE JHARKHAND STORY DESK
New Delhi, Oct 14: The government has extended the tenure of the 16th Finance Commission by one month, allowing it to continue functioning until November 30.
The Commission, originally constituted on December 31, 2023, was scheduled to submit its report by October 31, which is now extended to coincide with the new tenure.
Its recommendations will focus on the distribution of taxes between the Centre and the states for a five-year period starting April 1, 2026, suggest revenue augmentation measures, and review financing arrangements for disaster management under the Disaster Management Act, 2005.
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The 16th Finance Commission is chaired by former NITI Aayog vice-chairman Arvind Panagariya and comprises four members.
Full-time members include retired bureaucrat Annie George Mathew and economist Manoj Panda, while part-time members are SBI Group Chief Economic Advisor Soumya Kanti Ghosh and RBI Deputy Governor T Rabi Sankar. They are assisted by Secretary Ritvik Pandey, two joint secretaries, and one economic advisor.
The Finance Ministry, in a notification dated October 10, announced the extension of the Commission’s tenure, giving it additional time to finalize and submit its report by November 30.
