Discuss about Finance Commission and its functions?
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Answer Posted / Shubhi Gupta
The Finance Commission is a constitutional body in India that is tasked with recommending the distribution of revenues between the Union (central) government and the states, as well as among the states themselves. The commission is constituted every five years or at the discretion of the president, upon the advice of the Finance Minister. Its primary functions include:
1. Assessment of the financial position of the states.
2. Recommendation for grant-in-aid to the states from the Consolidated Fund of India.
3. Recommendation on the principles that should govern the distribution of grants between the states and Union territories.
4. Advising the central government on the financial position of the states in terms of their tax revenues, debt, and deficits.
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