The Fifteenth Finance Commission has constituted an Advisory Council to advise and assist the Commission. The role and functions of the Advisory Council will be:

• To advise the Commission on any issue or subject related to the Terms of Reference (ToR) of the Commission, which may be of relevance;
• To assist in the preparation of any paper or research study which would enhance the Commission's understanding on the issues containing in its ToR; and
• To help in broadening the Commission's ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.

 Advisory Council will have following members:

1. Arvind Virmani, President, Forum for Strategic Initiatives
2. Surjit S. Bhalla, Part-time Member of PMEAC and Sr. Indian Analyst for the Observatory Group and Chairman of Oxus Research and Investments
3. Sanjeev Gupta, Ex-Deputy Director (Fiscal Affairs Department), IMF
4. Pinaki Chakraborty, Professor (NIPFP)
5. Shri Sajjid Chinoy, Chief India Economist, JP Morgan
6. Shri Neelkanth Mishra, Managing Director and the Credit Suisse India Economist and Strategist