New Delhi: The fourteenth Finance Commission, headed by former Reserve Bank of India (RBI) governor YV Reddy, has submitted its report to President Pranab Mukherjee.
The report was submitted yesterday by AN Jha, Secretary of the Finance Commission, to Omita Paul, Secretary to the President of India.
The panel has given its views on the devolution of tax receipts from the Centre to the states between 1st April, 2015 to 31st March, 2020.
Finance Commission, a constitutional body, is set up every five years.
The government had in October extended the term of the 14th Finance Commission by two months to 31 December.
The 14th Finance Commission was constituted in January 2013 to recommend, among other things, distribution of taxes between the Centre and states as well to suggest measures for maintaining a stable and sustainable fiscal environment.
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