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Finance Commission of India

The Finance Commission of India is constituted every five years by the President under Article 280(1) of the Constitution to define financial relations between the central and state governments. It consists of a chairman and four members selected for their experience in public affairs, finances, accounts, administration or economics. The Commission makes recommendations on tax revenue sharing between central and state governments, principles for determining grants-in-aid to states, and measures to augment funds for local bodies in states. Thirteen Finance Commissions have been appointed so far from 1951 to 2015.

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73 views1 page

Finance Commission of India

The Finance Commission of India is constituted every five years by the President under Article 280(1) of the Constitution to define financial relations between the central and state governments. It consists of a chairman and four members selected for their experience in public affairs, finances, accounts, administration or economics. The Commission makes recommendations on tax revenue sharing between central and state governments, principles for determining grants-in-aid to states, and measures to augment funds for local bodies in states. Thirteen Finance Commissions have been appointed so far from 1951 to 2015.

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Finance Commission of India Definition The Finance Commission constituted by the President pursuant to clause (1) of article 280

of the Constitution. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the Constitution, the commission is appointed every five years and consists of a chairman and four other members. Qualifications for appointment as, and the manner of selection of, members of the commission. The Chairman of the Commission shall be selected from among persons who have had experience in public affairs, and the four other members shall be selected from among persons who (a) Are, or have been, or are qualified to be appointed as Judges of a High Court; or (b) Have special knowledge of the finances and accounts of Government; or (c) Have had wide experience in financial matters and in administration; or (d) Have special knowledge of economics. Functions Functions of the Finance Commission can be explicitly stated as: 1. Distribution of net proceeds of taxes between Centre and the States, to be divided as per their respective contributions to the taxes. 2. Determine factors governing Grants-in Aid to the states and the magnitude of the same. 3. Work with the State Finance Commissions and suggest measures to augment the Consolidated Fund of the States so as to provide additional resources to Panchayats and Municipalities in the state. Finance Commission appointed so far: So far 13 Finance Commissions have been appointed which are as follows: Finance Commission First Second Third Fourth Fifth Sixth Seventh Eighth Ninth Tenth Eleventh Twelfth Thirteenth Year of Establishment 1951 1956 1960 1964 1968 1972 1977 1983 1987 1992 1998 2003 2007 Chairman K.C Neogy K.Santhanam A.K. Chanda P.V. Rajamannarr Mahaveer Tyagi K. Brahmananda Reddy J.M. Shellet Y. B. Chavan N.K.P. Salve K.C Pant A.M.Khusro C.Rangarajan Vijay l kelkar Operational Duration 1952-57 1957-62 1962-66 1966-69 1969-74 1974-79 1979-84 1984-89 1989-95 1995-2000 2000-2005 2005-2010 2010-2015

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