The Commission would submit its report by Oct 31, 2014, Finance Minister P. Chidambaram said here Wednesday.
The Commission would recommend policies governing grants-in-aid to states and other local bodies such as Panchayatiraj institutions.
Chidambaram said the Commission would also look into matters related to the implementation of the Goods and Services Tax (GST) regime.
The Finance Commission is a constitutional organisation set up every five years.
The Union cabinet in October last year had approved the constitution of the Commission.
The 13th Finance Commission, which covered the period from 2010 to 2015, was chaired by former Finance secretary Vijay Kelkar.
