Bhubaneswar: The State Government has formed the sixth State Finance Commission headed by retired IAS officer Arun Kumar Panda as its Chairman.
The Finance Department today issued a notification in this regard. As per the notification, Prof. Asit Ranjan Mohanty of XIMB, Prof. Amaresh Samantray of Department of Economics at Pondicherry University and Dr. Bibhu Prasad Nayak, a professor at TISS have been appointed as the Members of the Finance Commission.
Additional Secretary Finance, Satya Priya Rath has been nominated as Member Secretary of the Commission. The Chairman and other Members of the Commission will hold office for a period of 6 months, the notification said.
The Chairman and other Members (except the Member-Secretary) shall render whole time or part time service to the Commission. The Member Secretary will render whole time service to the Commission in addition to his own duties, it said.
The Commission will identify assignment of taxes to be levied by urban local bodies (ULBs) and Panchayati Raj Institutions (PRIs) and recommend what percentage of the states own taxes are to be shared with these institutions.
The panel would also determine taxes, duties, tolls and fees which may be assigned to, or appropriated by 3-tier Panchayati Raj Institutions and Urban Local Bodies.
Besides, the Commission was asked to determine the Grants-in-aid to 3-tier Panchayati Raj Institutions and Urban Local Bodies from the Consolidated Fund of the State.
Besides, the measures needed to improve the financial position of 3-tier PRIs and Urban Local Bodies, better fiscal management and analysis of the resources of the State Government would also be pointed by the Commission in its report to be submitted to the Government.
The Commission would also review implementation of the recommendations of Fifth State Finance Commission.
The SFC will submit its report within a period of six months with an award period of five years commencing from 1st day of April, 2026.