role and functions of finance commission of india pdf

Role And Functions Of Finance Commission Of India Pdf

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Published: 26.04.2021

The first finance commission was formed on 22 November, The headquarter of Finance commission is in New Delhi.

Finance Commission

The commission will submit its report by October 31, Here is a primer on what the commission does and why:. A finance commission is set up very five years by the President under Article of the Constitution. Its main function is to recommend how the Union government should share taxes levied by it with the states. These recommendations cover a period of five years.

It is mentioned under the Article of the Constitution, that the President shall constitute a Finance Commission every five years consisting of a chairman and four other members. The President appoints the Commission members based on the qualifications set by the Parliament for the appointment of members and the Chairman of the Finance Commission. The Parliament has enacted the Finance Commission Act, which specifies the qualifications required for the Chairman and the members of the Commission. The members should be selected from amongst the following-. Every member remains in the office till the pleasure of the President of India. The members are eligible for re-election.

What is the role of Finance Commission?

The Finance Commission of India was established on 22nd November, It was formed to describe the financial relations between the centre and the state. The Finance Commission has been provided for the Indian constitution as part of the scheme of division of financial resources between the two different sets of governments. Till now the President of India has asked the commission to make recommendations on the principles governing distribution of the net proceeds of estate duty in respect of Property Tax on Railway fare and excise duties on sugar and tobacco. The President also sought recommendations on the rates of interest, and terms of repayment of loans to the various states by the Government of India. Finance Commissions mainly focuses on the financial relations between the State government and the Central government. These recommendations progressively increase share of the state governments in the proceeds of the income tax.

The implications of the recommendations of the Fourteenth Finance Commission on finances of Bihar as a result of changes in the tied, untied and overall union devolution are identified. The data reveals that there is an increase in tax devolution, but its share in grants, plan and non-plan, has come down drastically, hardly reflecting any increase in the total resources transferred. In reality, there has been a decrease of 1. The recent debate induced by southern states on the Terms of Reference ToR of Fifteenth Finance Commission does not augur well for the sovereignty principle of federalism. These states have been rewarded for 50 years by the previous finance commissions for adhering to the population control norm. It should be noted that an increase in population of any backward state is not a wilful choice.

What is Finance Commission?

Topics Covered:. Finance Commission of India. Context: People representatives of Panchayat Raj institutions and urban local bodies in Hyderabad are planning to make a case with the visiting 15th Central Finance Commission to enhance the quantum of funds to the local bodies. More so to release the share of funds that the zilla and mandal parishads used to get directly till the 14th Finance Commission discontinued the practice and diverted them to the gram panchayats. The Finance Commission is constituted by the President under article of the Constitution , mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.

Finance Commission of India: Powers, Functions and Responsibilities

Finance Commission – Political Science Study Material & Notes

Finance Commission of India: The Finance Commission is a constitutional body, that determines the method and formula for distributing the tax proceeds between the Centre and states, and among the states as per the constitutional arrangement and present requirements. The constitution makers were aware of the financial requirements of the Centre and the states. They devised an elaborate method, clearly demarcating the duties and responsibilities of the units of the Union and of the Union itself while allocating resources to perform those duties.

Fifteen Finance Commissions have been constituted since the promulgation of Indian Constitution in Individual commissions operate under the terms of reference which are different for every commission, and they additionally define the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. The most recent was constituted in and is chaired by N.

State Finance Commission meaning: The Indian Constitution makers envisioned a two-tier democratic system with a strong federal government at the centre and states as its units. They also clearly demarcated the duties and responsibilities of the Union government and the states and further assigned revenue streams to both of them to discharge their duties and responsibilities. However, this model underwent a major change four decades after the Constitution came into effect. The 73rd Constitutional Amendment Act, formally recognised a three-tier system of local self-governance comprising at village level, block level and district level bodies. For instance, the Gram Panchayats have historically existed in the country for thousands of years as a unit of self-rule.

up to ₹46,800 easily

President appoints this every five years or earlier if necessary. It a quasi judicial body under Article Recommendations of the finance commission are not binding. Fourteenth finance commission under V. Reddy submitted report on implementation time is Commission has chairman and four members appointed by the president. Their term is decided by the president and they are eligible for re appointment.

Finance Commission of India

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