- First Finance Commission (1951-1952):
- Chairperson: K. C. Neogy
- Second Finance Commission (1952-1957):
- Chairperson: K. Santhanam
- Third Finance Commission (1957-1962):
- Chairperson: A. K. Chanda
- Fourth Finance Commission (1962-1966):
- Chairperson: P. V. Rajamannar
- Fifth Finance Commission (1966-1969):
- Chairperson: Mahavir Tyagi
- Sixth Finance Commission (1969-1974):
- Chairperson: B. N. Banerjee
- Seventh Finance Commission (1974-1979):
- Chairperson: J. M. Shelat
- Eighth Finance Commission (1979-1984):
- Chairperson: Y. B. Chavan
- Ninth Finance Commission (1984-1989):
- Chairperson: N. K. P. Salve
- Tenth Finance Commission (1989-1995):
- Chairperson: K. C. Pant
- Eleventh Finance Commission (1998-2000):
- Chairperson: A. M. Khusro
- Twelfth Finance Commission (2005-2010):
- Chairperson: C. Rangarajan
- Thirteenth Finance Commission (2010-2015):
- Chairperson: Vijay Kelkar
- Fourteenth Finance Commission (2015-2020):
- Chairperson: Y. V. Reddy
- Fifteenth Finance Commission (2017-2022):
- Chairperson: N. K. Singh (Extended to 2025-26)
The Finance Commission is typically constituted every five years, but there have been variations in the period of operation based on the specific circumstances and requirements. Each Finance Commission makes recommendations on the distribution of tax revenues and grants-in-aid between the Union government and the State governments, as well as on other financial matters referred to it by the President of India.
Top of Form
FOCUS ON THE REPORT OF THE LATEST FINANCE COMMISSION
The latest Finance Commission is the Fifteenth Finance Commission, constituted in November 2017 under the chairmanship of N. K. Singh. The term of this Commission was initially set to cover the period from 2018 to 2022, but it was extended to provide recommendations for the financial years 2021-22 to 2025-26.
The Fifteenth Finance Commission submitted its report to the President on November 9, 2020. The key highlights of its recommendations include:
- Horizontal distribution of tax revenues between the Union and States.
- Vertical distribution of tax revenues among the States.
- Recommendations on grants-in-aid to States.
- Measures for fiscal consolidation and debt management.
- Sector-specific grants for local bodies.
- Recommendations on reforms in fiscal governance.
The recommendations of the Fifteenth Finance Commission are being examined and implemented by the Union and State governments to ensure equitable distribution of financial resources and promote fiscal stability and economic growth.
