The final report of the Fifteenth Finance Commission of India was presented in Parliament on 1 February 2021, with the Union Budget 2021-22, for FY 2021-22 to FY 2025-26. The Interim Report of the Finance Commission for the FY 2020-21 was included with the Union Budget 2020-21.
Finance commissions usually submit their reports for a period of five years. However, the term of the 15th Finance Commission was extended by one year more due to uncertainty in major large areas such as new monetary policy framework, GST, bankruptcy code and demonetization.
The 15th Finance Commission report was unique and comprehensive, as it recommended performance incentives for states in many areas such as power, solid waste management and adoption of DBT.
It was also asked to recommend funding for defense and internal security.
The 15th Finance Commission report is divided into four parts:
In the main report Volume-I and II, there are 117 main recommendations in total and Volume-III and IV suggest several reforms for the Central Ministries and State Governments respectively.