It also recognised the need to undertake analytical papers, analysis from leading research organisations and seek academic inputs and interactions with leading think-tanks and domain knowledge experts to come up with its recommendations, said a statement from the Finance Ministry.
The announcement came after the panel, constituted on November 27, held its first meeting at North Block here which was chaired by N.K. Singh and attended by all its members. Before the meeting, Singh and other members called on Finance Minister Arun Jaitley in his office.
The Finance Ministry statement said the Commission was cognisant that it has been assigned "wide-ranging terms of reference which needed to be suitably addressed".
"Towards this objective, it was felt that wide-ranging consultations with all stake holders including various central ministries, all state governments, local bodies, panchayats and political parties of each state needed to be expeditiously initiated," it added.
The panel has been tasked with deciding the distribution of shareable central tax proceeds among centre, states and local bodies.
During the meeting, the Commission also approved setting-up of its office at Jawahar Vyapar Bhawan at Janpath here.
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