The Finance Commission has tried to balance need, equity and efficiency: NK Singh SECTIONS Share Synopsis The FC’s chairman NK Singh explains the rationale and thinking behind the recommendations and the institution’s legacy of trust. The 15th Finance Commission’s (FC’s) final report, which will cover the period between 2021 and 2026, was released along with the Union Budget. The FC has stuck to the existing devolution formula providing for transfer of 41% of the divisible pool of central taxes to states. The FC’s chairman NK Singh explains the rationale and thinking behind the recommendations and the institution’s legacy of trust to Sidhartha: