New Delhi, Feb 12 (PTI) The Advisory Council of the Fifteenth Finance Commission will meet here on Thursday, an official statement said on Wednesday.

This will be the first meeting of the Council after the submission of the Commission's report for the year 2020-2021.

The meeting will be chaired by chairman of the Commission, N K Singh, and will be attended by its members including A N Jha, Ashok Lahiri, Ramesh Chand, Anoop Singh and Arvind Mehta.

"Subsequent to the presentation of the report of the Fifteenth Finance Commission for the year 2020-21 to the President of India, the Union government has substantively implemented the recommendations contained therein and placed an Action Taken Report in the Parliament," it said.

According to the Commission's mandate, it is going ahead with the work related to drafting the recommendations for the five years spanning 2021-22 to 2025-26, it added.

The task ahead for the Commission needs careful consideration of the outlook for the ensuing five years, particularly in the light of the emerging economic situation.

To deliberate on this issues, the next meeting of the Commission's Advisory Council has been convened, the statement said.

The issues that are likely to be considered in the discussions relate to the report of the Fifteen Finance Commission for the year 2020-21, including feedback on the formula for horizontal devolution, outlook for nominal GDP growth for the period 2021-22 to 2025-26, tax buoyancy and other macroeconomic parameters relevant for the Commission for the period.

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