The 14th Finance Commission will be headed by former RBI Governor, Y. V. Reddy.
Besides the tax-sharing formula between the Centre and the States, the panel has been mandated to look into the pricing of public utility services such as drinking water, irrigation and power and public transport so as insulate them from policy fluctuations through statutory provisions.
It will also look at the right level of subsidies required to ensure sustainable and inclusive growth while ensuring equitable sharing of subsidies between the Central and State governments. Finance Minister P. Chidambaram said the Constitutional body will also assess the impact of the proposed Goods and Services Tax on Central and State finances. The Commission will have to make its report available by October 31, 2014. The 13th panel was headed by Vijay Kelkar.