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The 16th Finance Commission (2023–2031) decides Centre-State tax distribution. Know its mandate, members, tenure, and fiscal responsibilities. The 16th Finance Commission, set up under the Indian Constitution's Article 280, is to work as a constitutional authority. Study the complete article to know more. The Sixteenth Finance Commission was constituted on 31.12.2023 with Shri Arvind Panagariya, former Vice-Chairman, NITI Aayog as its Chairman. Now the following members are appointed to the Commission with the approval of the President of India. The Finance Commission normally takes about two years to make their recommendations. As per the clause (1) of article 280 of the Constitution, the Finance Commission is to be constituted every fifth year or earlier. However, as the recommendations of the 15th FC cover the six-year period up to 31st March 2026, the 16th FC is proposed to be constituted now. This will enable the Finance Commission to consider and appraise the finances of the Union and the States for the period immediately ...
