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“The newly created posts are required to help the Fee in finishing up its features. All different posts within the Fee have already been created as per the delegated powers,” the cupboard stated in a media launch.
The centre, in December 2023, had appointed former Vice-Chairman of Niti Aayog Arvind Panagariya, to go the sixteenth Finance Fee. Ritwik R Pandey was chosen because the secretary of the fee, whereas the names of different members shall be notified individually, the federal government had siad.
The Finance Fee is a constitutional physique answerable for deciding how tax revenues are divided between the central authorities and the states.
It proposes the allocation of taxes and grants, and operates inside the tips set by the finance ministry for a interval of 5 years.
The suggestions of the sixteenth Finance Fee shall be in impact from April 1, 2026 to March 31, 2031.As per Article 280 of the Structure, the fee is required to make suggestions on the distribution of the web proceeds of taxes between the centre and the states. The fee additionally suggests the rules which ought to govern the grants in help of the revenues of the states out of the consolidated fund of India.As for the Fifteenth finance fee, it was chaired by N.Ok. Singh and members included Shaktikanta Das, Ashok Lahiri, Ramesh Chand and Anoop Singh.
