Finance Commission

"Central Finance Commission" redirects here. For the Chinese Communist Party body, see Central Financial Commission.
This article is about finance commissions of India in general. For the most recent finance commission, see Fifteenth Finance Commission of India.

Sixteenth Finance Commission of India
Vitta Āyoga

Emblem of India
Commission overview
Formed22 November 1951; 72 years ago (1951-11-22)
JurisdictionIndia Government of India
HeadquartersNew Delhi
Commission executives
Websitefincomindia.nic.in

The Finance Commissions (IAST: Vitta Āyoga) are commissions periodically constituted by the President of India under Article 280 of the Indian Constitution to define the financial relations between the central government of India and the individual state governments. The First Commission was established in 1951 under The Finance Commission (Miscellaneous Provisions) Act, 1951. Fifteen Finance Commissions have been constituted since the promulgation of Indian Constitution in 1950. Individual commissions operate under the terms of reference which are different for every commission, and they define the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.[1] As per the constitution, the commission is appointed every five years and consists of a chairman and four other members.

The most recent Finance Commission was constituted on 31st December 2023 and is chaired by Arvind Panagariya former Vice Chairman of NITI Aayog.[2]

  1. ^ "The Finance (Miscellaneous Provisions) Act, 1951". Retrieved 24 November 2017.
  2. ^ "Govt appoints four new members to 16th Finance Commission". The Indian Express. 31 January 2024. Retrieved 2 April 2024.