The government has announced the 15th Finance Commission and it will be chaired by former parliamentarian and revenue and expenditure secretary N K Singh.
Its tenure will be till October 30, 2019, by when it will have to give its final report on distributing divisible funds between the Centre and the states for a five-year period starting April 1, 2020.
Earlier, the government appointed the former Planning Commission Member as head of the 15th Finance Commission.
Other members of the commission, which is required to submit its report by October 2019, are former economic affairs secretary Shaktikanta Das, former chief economic advisor Ashok Lahiri, Niti Aayog Member Ramesh Chand and Georgetown University professor Anoop Singh.
The commission will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the Union and the states. It will also recommend a fiscal consolidation road map for sound fiscal management.
As per Article 280 of the Constitution, the commission is required to make recommendations on the distribution of the net proceeds of taxes between the Centre and the states.
The new Finance Commission will cover five-year period commencing April 1, 2020.
The 14th Finance Commission was set up on January 2, 2013. Its recommendations cover the period from April 1, 2015 to March 31, 2020.