Sixteenth Finance Commission and Its Advisory Council
| Category | Details |
|---|---|
| Event | Constitution of the Sixteenth Finance Commission Advisory Council |
| Advisory Council Members | 1. Poonam Gupta (Convenor, NCAER) 2. D.K. Srivastava (EY) 3. Neelkanth Mishra (Axis Bank) 4. Pranjul Bhandari (HSBC) 5. Rahul Bajoria (Barclays) |
| Role of Advisory Council | - Preparing research papers/studies - Monitoring commissioned studies - Enhancing understanding of ToR issues - Exploring best practices on fiscal devolution |
| Terms of Reference (ToR) | - Distribution of net tax proceeds between Union and states - Allocation of tax shares among states - Principles for grants-in-aid to states - Sums for grants-in-aid to states |
| Constitutional Mandate | Finance Commission is a constitutionally mandated body formed every 5 years to allocate tax proceeds. Currently, 41% of federal taxes are shared with states as per the 15th Commission. |