The 16th Finance Commission headed by Arvind Panagariya submitted its report to the Finance Minister Nirmala Sitharaman today.

Former finance ministry official Annie Mathew, and former director of IEG Manoj Panda were full time members while current RBI DG Rabi Sankar and the Chief Economic Advisor to SBI Soumya Kanti Ghosh were part time members to the 16th Finance Commision.

As per precedent, the Finance Commision’s report is likely to be tabled along with the Finance Minister’s Budget, with the Union FM likely to incorporate some of the key recommendations in her Budget speech.

The 15th Finance Commision had recommended 41% as states' share from centre’s tax revenues, a tad lower than the 14th FC’s 42%.

There are indications this tax devolution formula has been retained for the next

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