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1. Finance Commission
2. Finance Commission
3. Composition
4. Tenure
5. Functions
6. Implementation of the Recommendations of Finance Commission
7. Historical Background
8. List of the Finance Commission
9. Conclusion
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Topic – Finance Commission (Notes)
Subject – Political Science
(Constitution of India)
Table of Contents
Finance Commission is a constitutional body under Article 280. The President of India is mandated to appoint a Finance Commission every five years or sooner. It sets the mechanism and formula for allocating tax revenues between the Centre and states, as well as among states, in accordance with the Constitution and current needs. In November 2017, the President of India appointed the 15th Finance Commission, under the chairmanship of NK Singh. It will make suggestions for a five-year period, from 2021-22 to 2025-26.
Finance Commission
- Article 280 of the Constitution of India provides for a Finance Commission as a quasi judicial body.
- It is constituted by the president of India every fifth year or at such an earlier time as he considers necessary.
- Role of Finance Commission: To give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
- Article 281 of the Indian Constitution related to the recommendation of the Finance Commission.
- Two distinctive features of the Finance Commission:
- Redressing the vertical imbalances between the taxation powers and expenditure responsibilities.
- Equalisation of all public services across the States.
- Note: State Finance Commission for the States of India are constituted under the Constitution 73rd Amendment Act, 1992 to look after the matter of local governments.
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