| Event | Meeting between CAG and Sixteenth Finance Commission in Bhopal, Madhya Pradesh. |
| Focus Areas | Union and State finances, local bodies, and public sector enterprises. |
| Key Recommendations | - Strengthen tax collection mechanism. |
| - Standardise accounting procedures for transparent financial data. |
| - Reforms in stamp duty, registration fee, and state excise duty. |
| - Adoption of modern technologies like QR codes and sensor-based systems. |
| - Creation of a Budget Stabilization Fund by surplus revenue states. |
| - GST reforms for taxpayer verification, integration of unregistered units, and real-time systems. |
| CAG Overview | - Head of Indian Audit and Accounts Department (IAAD). |
| - Safeguards public funds and oversees financial systems at central and state levels. |
| - Governed by the CAG (Duties, Powers and Conditions of Service) Act, 1971. |
| CAG Appointment | - Appointed by the President of India. |
| - Term: Six years or till age 65, whichever is earlier. |
| - Removed similarly to a Supreme Court Judge. |
| CAG Salary | - Equal to a Supreme Court judge. |
| - Charged on the Consolidated Fund of India. |
| CAG Duties | - Audits Consolidated Fund of India, State funds, government corporations, and public sector undertakings. |
| - Submits audit reports to the President for parliamentary scrutiny. |
| Finance Commission | - Constitutional body under Article 280. |
| - Appointed every five years by the President. |
| Composition | - Chairman and four members with experience in public affairs. |
| Functions | - Recommends distribution of tax proceeds between Union and States. |
| - Suggests principles for grants-in-aid to States from the Consolidated Fund of India. |
