Fiscal Policy & Public Finance

How many of the following statements about the Finance Commission are correct?

I. It is a constitutional body established under Article 280.

II. Its primary role is to recommend the distribution of tax revenues between the Centre and States.

III. It recommends grants-in-aid to states under Article 282 of the Constitution.

IV. The Commission is constituted by the President every five years.

Select the correct answer using the code given below: