The Government on Thursday extended the term of the 13th Finance Commission by three months to Jan 31 next year.

The Commission, which was supposed to submit its report by October 31, had sought extension as it could not complete the deliberations due to the general elections.

“The Commission has requested for extension of term up to January 31, 2010 due to postponement of some State visits because of the parliamentary elections and also election in the States,” the Finance Ministry said in a statement.

The Commission’s report is important as it would be a guiding factor for the Government to prepare the budgets for the next five years, the statement added.