Fifteenth Finance Commission – Interim Report & Recommendations
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The interim report of the Fifteenth Finance Commission was placed before the Parliament ahead of the General Budget (2020-21). The Commission will submit its report for an extended period of 2020-21 to 2025-26 by October.
What is the Finance Commission?
- Article 280 of the Indian Constitution provides for a finance commission Constituted by the President of India every fifth year or at such earlier time as he considers necessary.
- It is a Quasi-Judicial body that acts as a balancing wheel of fiscal federalism in India.
- The recommendations of the Finance Commissions are recommendatory in nature only as the implementation of the recommendations is not mandatory for the gov
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