Finance Commision In India (Short Notes)

HISTORY:
Establishment Year: 1951 (under Article 280) by B.R. Ambedkar
Members: 5 (1 Chairman, 4 Members)
Recent Commission and Chairman: 14th FC (Y.V. Reddy)
Act: The Finance Commission Act 1951

FUNCTIONS:

1. Distribution of net proceeds of taxes between Center 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. To make recommendations to president as to the measures needed to augment the Fund of a State to supplement the resources of the penchants and municipalities in the state on the basis of the recommendations made by the Finance Commission of the state.
4. any other matter related to it by the president in the interest of sound finance
5. finance commission is autonomous body which is governed by the government of India

LIST OF Finance Commissioners in India:

*15th FC: N.K. Singh (2017)