The Finance Commission in India is constituted by the _______ under article 280 of the Constitution.

This question was previously asked in
SSC GD Previous Paper 34 (Held On: 11 March 2019 Shift 1)_English
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  1. Supreme Court
  2. Parliament
  3. Prime Minister
  4. President

Answer (Detailed Solution Below)

Option 4 : President
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The correct answer is President.

Key Points

  • The Finance Commission in India is constituted by the President under article 280 of the Constitution.
  • The first finance commission was constituted in 1951.
  • Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Governments.
  • The finance commission is appointed every five years.
  • The President lays the reports of the Finance commission before both the Houses of the Parliament.
  • The finance commission recommends to the President relating to the distribution of the net taxes to be shared between the centre and the states.
  • The finance commission consists of a Chairman and four members.

Additional Information

  • First chairman of Finance Commission - K.C Neogy
  • Chairman of 15th Finance Commission - Nand Kishore Singh
  • Members of 15th Finance Commission - Ashok Lahiri, Ajay Narayan Jha, Anoop Singh and Ramesh Chand
  • The 15th Finance Commission has released a report titled ‘Finance Commission in COVID Times’ on 1st February 2021.
  • The financial year runs from 1st April to 31st March next year.
  • Finance Secretary -T. V. Somanathan.(Dec 2021)
  • Article 360 - Financial Emergency
  • No Financial Emergency has been declared so far in India.
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