9/2/2023 0 Comments Define finance commission![]() ![]() Any other matter referred to the Commission by the President of India in the interest of sound finance.To determine the quantum of grants-in-aid to be given by the Centre to states and to evolve the principles to govern the eligibility of the state for such grant-in-aid.The distribution between the Union and the States of the net proceeds of taxes, which are to be, or may be, divided between them and the allocation among the states of the respective shares of such proceeds.The Article states that it shall be the duty of the Commission to make the recommendations to the President as to: That is the reason why the Chairmen of the Finance Commissions have been reputed politicians, former justices, economists, technocrats and reputed public personalities.Īrticle 280 (3) speaks about the functions of the Finance Commission. The Parliament can also lay down the manner in which they shall be selected. ![]() The Constitution has not mentioned the qualifications of either the Chairman or its member they are to be determined by the Parliament. The Finance Commission consists of a Chairman and four other members to be appointed by the President of India. ![]() The most Crucial problems in a federation is that of balancing powers and resources between the governments. That is why our constitution makers were quite cautious on the count and provided for a finance commission under Article 280, to recommend mainly the financial transfers from the union to the states with a view to reducing vertical as well as horizontal federal fiscal imbalances. Finance Commission is a statuary, independent, semi judicious non-political body to be set up by President of India for every five years (or earlier) under Article 280 of the Commission. It was formed to define the financial relations between the centre and the state. It was established under Article 280 of the Indian Constitution by the President of India. The Finance Commission of India came into existence in 1951. ![]()
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