the Thirteenth Finance Commission, which was led by former finance secretary Vijay Kelkar had also sought a similar extension of three months. Instead of its original deadline of October 31, 2009, the panel had submitted its report on December 30, 2009.
Panel headed by YV Reddy
* The delay will give the Centre enough time to review the report and reflect its recommendations in the Union Budget next year
* The recommendations of the Fourteenth Finance Commission would be applicable for the five-year period commencing from April 1, 2015
* Traditionally, the Finance Commission submits its
report to the President, which is then approved by the Union Cabinet and tabled in Parliament