Who established finance commission?
the President
Who is the chairman of 14th Finance Commission?
Dr. Y. V. Reddy
Who is the chairman of 13th Finance Commission constituted in 2007?
Dr. Vijay Kelkar
What type of body is finance commission?
Finance Commission of India: The Finance Commission is a constitutional body, that determines the method and formula for distributing the tax proceeds between the Centre and states, and among the states as per the constitutional arrangement and present requirements.
What is the current finance commission?
The Fifteenth Finance Commission (XV-FC or 15-FC) is an Indian Finance Commission constituted in November 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 2020-04-01.
Are recommendations of Finance Commission binding?
Are the recommendations made by the Finance Commission binding on the government? The Finance Commission’s recommendations are not binding on the government.
What is the function of finance commission?
Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Governments. It was established under Article 280 of the Indian Constitution by the Indian President. It was created to define the financial relations between the Centre and the states.
What are the objectives of the Central Finance Commission?
Its main function is to recommend how the Union government should share taxes levied by it with the states. These recommendations cover a period of five years. The commission also lays down rules by which the centre should provide grants-in-aid to states out of the Consolidated Fund of India.
Is the Finance Commission a statutory body?
Finance Commission is important commission in composition of India and also serves as a constitutional body for allocation of certain resources of revenue between the Union and the State Governments.
What is the Article 324?
Article 324 of the Constitution provides that the power of superintendence, direction and control of elections to parliament, state legislatures, the office of president of India and the office of vice-president of India shall be vested in the election commission.