The chairman of the 15th Finance Commission (FC) is NK Singh.
The FC recommends the distribution of taxes between the Centre and the states.
The Commission will work on the principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under Article 275 of the Constitution.
The Commission will also suggest measures to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities.
Furthermore, the government has tasked the Commission to suggest a fiscal consolidation roadmap for the Centre and the states.
Finance Commission is a body set up under Article 280(1) of the Indian Constitution.
It is formed every five years to recommend principles governing the allocation of tax revenue between the Centre, states and local bodies.
Its primary job is to recommend measures and methods on how revenues need to be distributed between the Centre and states.
The recommendations of the previous 14th Finance Commission, chaired by former Reserve Bank of India (RBI) Governor Y V Reddy, are valid from 2015 to 2020.
The recommendations of the 15th Finance Commission will be implemented for the period starting 1 April 2020 to 31 March 2025.