The choice was taken on Tuesday night at a Union Cabinet assembly. (Representative picture)
16th Finance Commission will submit its report by October 2025
The authorities has accredited the phrases of reference for the 16th Finance Commission, which decides on sharing of tax revenues between the Centre and States, Information and Broadcasting Minister Anurag Thakur stated on Wednesday.
The choice was taken on Tuesday night at a Union Cabinet assembly.
Thakur stated the 16th Finance Commission will submit its report by October 2025 and the suggestions will probably be legitimate for a 5-yr interval starting April 2026.
Set up underneath Article 280 of the Constitution, the core duty of Finance Commission is to judge the state of funds of the Union and State governments, advocate the sharing of taxes between them and lay down the rules figuring out the distribution of those taxes amongst States.
