Cabinet Approves Setting up of 15th Finance Commission

The Cabinet has approved the setting up of the 15th Finance Commission which will assess the tax resources of the nation and suggest a formula for their devolution among states. Its recommendations will have to be in place before April 1, 2020, it takes 2 years for Finance Commission to give its recommendations.

As per Article 280 of the Constitution, the Commission is required to make recommendations on the distribution of the net proceeds of taxes between the Centre and the States. 

Source- The Economic Times