It is a committee constituted by the Government of India under Article 280 of the Constitution.
Its primary task is to determine the revenue sharing between the Central Government and the State Governments for a five-year period.
The current commission was formed in December 2023 with Arvind Panagariya, the former Vice-Chairman of NITI Aayog, as its Chairman.
The responsibilities include:
Recommend revenue Sharing Between Center and States.
Establish principles for allocating grants-in-aid provided by the central government to the states.
To recommend measures to strengthen the finances of the Consolidated Fund of India specifically for supporting Panchayats and Municipalities.
It may also review the existing arrangements on financing disaster management initiatives.
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