Chairman of the Fifteenth Finance Commission N K Singh submitted the interim report of the Commission to President Ram Nath Kovind for the financial year 2020-21 for further necessary action.
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The 15th Finance Commission submitted its interim report on devolution formula for the financial year 2020-21 to President Ram Nath Kovind.
The devolution formula spells out how the Centre plans to share the taxes collected by it with the States. Since, the formula is to be applied in the new Budget, the award has not been made public.
Now, the report will first be studied and then a final view will be taken by the Cabinet following which it will be tabled in Parliament just before the Union Budget next year. Only after that will the contents be made public.
Normally, the government accepts the award in toto, however, it is free to accept or reject other suggestions in the report.
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