Established : 2004
Govt Body Type : Statutory body
Appointed by : President of India
The Finance Commission is a Constitutionally mandated body that is at the centre of fiscal federalism. Set up under Article 280 of the Constitution. Finance Commission core responsibility is to evaluate the state of finances of the Union and State Governments, recommend the sharing of taxes between them, lay down the principles determining the distribution of these taxes among States. The first Finance Commission was set up in 1951.
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--
The Finance Commission is appointed by the President of India under Article 280 of the Constitution.
Recommendation of Commission
The Commission shall make recommendations as to the following matters