Finance Minister Nirmala Sitharaman today laid the 16th Finance Commission report for tax revenue devolution between Centre and states for the period 2026-2031 in the Lok Sabha. The Finance Commission, established under Article 280 of the Indian Constitution, is a constitutional body that recommends the devolution of tax revenues between the central and state governments. Cess and surcharge levied by the Centre are not part of the divisible pool. The Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations and is set up periodically.
After presenting the Budget, Ms. Sitharaman introduced the Finance Bill 2026 in the Lok Sabha. She also laid the statements under the Fiscal Responsibility and Budget Management (FRBM) Act 2003. These are, Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement and Macro-economic Framework Statement. Later the House was adjourned till tomorrow 11 AM.
