15 Finance Comission conducts its first meeting

New Delhi Dec 4: The 15th Finance Commission has conducted its 1st Meeting today after it was appointed recently .The Commission is headed by NK Singh.The committee members have met the Finance minister Arun Jaitley before the meeting.

The commission has said that "it was felt that wide-ranging consultation with all stakeholders including various central ministries all state governments, local bodies, panchayats and political parties of each state needed to be expeditiously initiated ".

Currently, the Committee mandate is to submit its report by 2019 end so that its recommendations can be effective from 1 April 2020 as the 14th FC recommendations are in place until 1 April 2020.

The Finance Commission is a constitutional body whose mandate is to recommend the share of taxes between center and states and urban local bodies. This is the first finance commission that has formed after the implementation of GST.

The members of the committee include former economic affairs secretary Shaktikanta Das, adjunct professor at Georgetown University Anoop Singh, Bandhan Bank chairman and former chief economic adviser Ashok Lahiri, NITI Aayog member Ramesh Chand.