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Former Rajya Sabha member and bureaucrat NK Singh will head the 15th Finance Commission , the government said in a notification, constituting the constitutional body that will decide the sharing of taxes between states and Centre for five years beginning April 1, 2020.The government has also charged the commission with drawing up a fiscal consolidation road map and if the revenue deficit grants to states should be continued, a notification issued by the government said.Other members of the commission are former department of economic affair secretary Shaktikanta Das , Anoop Singh, professor at Georgetown University, former chief economic advisor Ashok Lahiri, agricultural expert and NITI Aayog member Ramesh Chand. Chand and Lahiri are part time members.The commission has to submit its report by October 30, 2019. As per the requirements of the constitution, the commission will decide the distribution of net proceeds of taxes between the centre and states and also within the states the share that will go to each state, according to the terms of reference approved.It will also decide the principles for grants in aid to states out of the consolidated fund of India and also the measures to augment consolidated fund of a state to supplement the resources of panchayats and municipalities in the state based on the recommendation of the finance commission of the state.“The commission shall review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the union and the states, and recommend a fiscal consolidation road map for sound fiscal management…,” the notification said. “The commission may also examine whether revenue deficit grants be provided at all,” it said. The 14th Finance Commission had suggested revenue deficit grants to 11states to cover the gap in their resources even after devolution.