"This Finance Commission comes under Article 280 of the Constitution, and under Article 280, the Finance Commission decides the income division between the Centre and the state," Union Finance Minister Arun Jaitley said, while addressing a press briefing here.
"The recommendations of the Finance Commission operate every five years.
The previous recommendations were implemented from April 1, 2015 and will go on until March 31, 2020," he added.
Jaitley also said that the 15th Finance Commission would be in place before April 1, 2020 and the chairman and other personnel would also be allotted soon.
The terms of reference for the Commission will be notified in due course of time, the finance minister added.