The finance ministry on Monday told the Lok Sabha that it was going to constitute the 16th Finance Commission (SFC) in the current calendar year. The recommendations of the SFC will be for five years starting FY27.
Replying to a question by Ambedkar Nagar MP Ritesh Pandey, Minister of State for the Finance Ministry Pankaj Chaudhury answered in the affirmative. “The terms of reference and other modalities are governed under Article 280 of the Constitution,” Chaudhury said, without answering if the government is considering taking up the matter of the North-South divide with respect to the devolution of taxes and if the 16th Finance Commission will work in tandem with the GST council.
Source a2ztaxcorp
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