New Delhi, Nov 27: The Union Cabinet extended the term of 15th Finance Commission by one year to October 30, 2020.
The cabinet approved the 15th Finance Commission to submit first report for the first fiscal year viz. 2020-21 and to extend the tenure of 15th Finance Commission to provide for the presentation of the final report covering FYs 2021-22 to 2025-26 by October 30, 2020.
The term of the commission was originally set to end in October 2019, but was extended by one month to November 30. 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.