The Union Cabinet on Wednesday approved the extension of the term of the Fifteenth Finance Commission to submit its report, setting 30 October 2020 as the new deadline. This is the second extension for the Commission which was due to submit the report by 30 November. The N K Singh-headed Finance Commission will now present the final report covering financial years 2021-22 to 2025-26 (April-March).
The extension of the term will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2026.
The Commission, on account of the restrictions imposed by the Model Code of Conduct due to October elections in Maharashtra, completed its visit to states only recently. This has had a bearing on the detailed assessments of states requirements, a government release said.
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