FINANCE COMMISSION FINANCE COMMISSION DIA Presented By Deepa Beeranur DN
About Me Deepa Beeranur nEngineer A Civil Service Aspirant Contribute: Voluntary Like, Rate, Review, Recommend Unacademy.com/user/deepabeeranur RECOMMEND
CONTENTS Introduction * Composition Functions Role * Commissions appointed
Article 280 FC President shall constitute a FC every fifth year or at such earlier time as he considers necessary" Part XII- Finance, Property, Contracts and Suits Quai-judicial body Balancingwheel of Fiscal federalism in India Non-permanent Constitutional body 4
Composition Consists ofa Chairman and four other members e Hold office for a such a period oftime as specified by President Eligible for reappointment Parliament (President)to determine the qualifications and the manner in which they are selected.
Qualifications Chairman A person having experience in Public Affairs Four Members A judge of HC or qualified to be appointed as one [Citizen of India, Judicial office for Ten years, Advocate in HC for 1o years] I. II. Specialised Knowledge offinance and accounts of govt III. Wide experience in financial matters and in administration IV. Special Knowledge of economics
Functions Tax Devolution Grants-in aid Measures to augment CF of state Any other Matter referred by President
Tax Devolution Vertical Horizontal
Any other Matter referred by President Public Utility Pricing Fiscal Deficit review Disinvestment Disaster Management *GST etc...
Report Submits to President President lays it before both the Houses of the Parliament along with explanatory memorandum as to the actions taken on its recommendations 10
Prelims 2002 1 Which one of the following authorities recommends the principals governing the grants-in-aid of the revenues to States out of CFI? A). Finance Commission B). Inter-State Council C).Union Ministry of Finance D). Public Accounts Committee A). Finance Commission 14