Headed by NK Singh, the 15th Finance Commission will also look into impact of the Goods and Services Tax, including payment of compensation to states for possible loss of revenues for 5 years, an official statement said.
"The 15th Finance Commission has invited suggestions/views on issues related to the terms of reference from the members of the general public, institutions and organisations," it said.
Stakeholders are required to send their suggestions by June 30. Set up in November 2017, the 15th Finance Commission is supposed to submit its recommendations by October 30, 2019.
"The Commission shall take into account the responsibility of the central government and state governments to adhere to appropriate levels of general and consolidated government debt and deficit levels, while fostering higher inclusive growth in the country," the statement said.
It may also examine whether revenue deficit grants be provided at all, it added.
The 15th Finance Commission will also look into the impact on the fiscal situation of the centre after substantially enhanced tax devolution to states following recommendations of the 14th Finance Commission.
The 14th Finance Commission had recommended raising the states' share in central taxes to 42 per cent from 32 per cent, which has been implemented from fiscal 2015-16.
According to the Ministry, besides examining the impact of the GST, the new Finance Commission will also consider the efforts made by the states in expanding and deepening of the tax net under the new indirect tax regime instituted from July 1 last year.
While the 15th commission's recommendation would be implemented for a period of 5 years beginning April 1, 2020, it would use the population data of 2011 while making its recommendations, the statement added.
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