The members shall be paid salaries and allowances as per the provisions made by the Central Government. List of Finance Commissions So far 15 Finance Commissions have been appointed which are as follows: 14th Finance Commission Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy The share of states in the net proceeds of the shareable Central taxes should be 42%. This is 10 percentage points higher than the recommendation of 13th Finance Commission. Revenue deficit to be progressively reduced and eliminated. Fiscal deficit to be reduced to 3% of the GDP by 2017–18. A target of 62% of GDP for the combined debt of centre and states. The Medium Term Fiscal Plan (MTFP) should be reformed and made the statement of commitment rather than a statement of intent. FRBM Act needs to be amended to mention the nature of shocks which shall require targets relaxation. Both centre and states should conclude 'Grand Bargain' to implement the model Goods and Services Act (GST). Initiatives to reduce the number of Central Sponsored Schemes (CSS) and to restore the predominance of formula-based plan grants. States need to address the problem of losses in the power sector in time bound manner. 15th Finance Commission The Fifteenth Finance Commission was constituted by the Government of India, after the approval from the President of India, through a notification in the Gazette of India in November 2017. Nand Kishore Singh was appointed as the commission's chairman, with its full-time members being Shaktikanta Das and Anoop Singh and its part-time members being Ramesh Chand and Ashok Lahiri. However Ajay Narayan Jha was appointed replacing Shaktikanta Das who resigned from the commission to serve as the governor of the Reserve Bank of India. The commission was set up to give recommendations for five years commencing on 1 April 2020. The main tasks of the commission were to "strengthen cooperative federalism, improve the quality of public spending and help protect fiscal stability". Some newspapers like The Hindu and The Economic Times noted that commission's job was harder because of the rollout of goods and service tax (GST), as, it had taken certain powers related to taxation away from states and the Union and had given it to the GST Council. See also Part One of the Constitution of India Fiscal Responsibility and Budget Management Act, 2003 References External links Full text of the Constitution of India