On May 17, finance ministers of five non-BJP states met President Ram Nath Kovind to discuss the terms of reference for the Fifteenth Finance Commission (FC-XV). They submitted a memorandum suggesting several amendments to the terms provided to the commission by the president earlier this year.
The finance commission is a constitutional body set up by the president every five years to determine the share of each state in central taxes. A large portion of this pool of funds is set aside for the use of the Central government, and the rest is distributed to the states.
The meeting with the president