The fiscal policies of India are the backbone of growth and development. JM Keynes advocated about the importance of fiscal policy during great depression. The Indian Economy runs on the basis of the recommendations made by the finance commission. The recommendations made by the finance commission are taken into consideration by the government and implemented in accordance with its suitability. The 14th finance commission made huge different recommendations in relation to the previous year finance commissions. The economists are of the view that the vertical and horizontal tax devolutions are now equitable to some extent.After the recommendations of 14th finance commission the states experience more fiscal autonomy. This paper has made an honest attempt to review 15th finance commission and also to make a comparative analysis based on 14th and 15th finance commission. For this purpose secondary data are being taken. The paper is descriptive and analytical in nature

Finance Commission, Vertical Tax Devolution, Horizontal Tax Devolution, Fiscal Autonomy