The first meeting of the newly constituted 15th Finance Commission is currently underway in New Delhi. <br/><br/>The government had constituted the Commission last month and appointed former Secretary and ex-Member of Parliament NK Singh as its chairman. <br/><br/>It will make recommendations for five years commencing 1st April, 2020. <br/><br/><br/>It will review the current status of the finance, deficit, debt levels, cash balances and fiscal discipline efforts of the union and states. <br/><br/>The panel will also recommend a fiscal consolidation road map for sound fiscal management. <br/><br/>It will also look into the impact of GST, including payment of compensation for possible loss of revenues for 5 years. The Commission will use the population data of 2011 while making its recommendations. It has to submit its report by 30th October, 2019.<br/><br/>The 14th Finance Commission was set up in 2013 and its recommendations cover the period from 1st April, 2015 to 31st March, 2020.