Finance Commission of India
- Finance Commission of India
The Finance Commission is an impartial authority established under Article 280 of the Constitution of India by the President.
The qualifications, powers and procedures of the Commission itself are regulated by the "Finance Commission (Miscellaneous Provisions) Act 1951". Such Commissions are deemed to be civil courts for the purposes of the "Code of Criminal Procedure 1898".
The Finance Commission is constituted to define financial relations between the Center and the States. Under the provision of Article 280 of the constitution, the President appoints a Finance Commission for the specific purpose of devolution of non-plan revenue resources. The functions of the Commission are to make recommendation to President in respect of:
1. The distribution of net proceeds of taxes to be shared between the union and the states and the allocation of share of such proceeds among the states.
2. The principles which should govern the payment of grant-in-aid by the Center to States.
3. Any other matter concerning financial relations between the Center and the States.
In the above context so far 13 Finance Commissions have been appointed which are as follows:
External links
*http://fincomindia.nic.in/ Finance Commissions of India
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