The present volume carries complete Report of the Twelfth Finance Commission, except Appendices and Annexures - which are placed in the accompanying CD-ROM that additionally features the essentials, namely, Introduction and the Summary of Recommendations of all the previous reports of the earlier Finance Commissions (First to the Eleventh). This publication, for the first time, brings together at one source, the invaluable contributions of all the Finance Commissions of India till date - spanning more than half a century of fiscal federalism in India.