The Finance Commission of India consists of _________.

Question

Question

This question was previously asked in

SSC Selection Post 2024 (Higher Secondary Level) Official Paper (Held On: 21 Jun, 2024 Shift 2)

Answer 1

The correct answer is a Chairperson and four other members

Key Points

The Finance Commission of India consists of a Chairperson and four other members.
The Finance Commission is constituted by the President of India every five years.
Its primary function is to define the financial relations between the central government and the individual state governments.
The Commission makes recommendations on the distribution of tax revenues between the Union and the States and among the States themselves.
It also addresses issues related to grants-in-aid to the states by the Union government.

Additional Information

The Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution.
The recommendations made by the Finance Commission are advisory in nature and not binding on the government.
The Chairperson of the Finance Commission is typically a person with experience in public affairs, and the other four members are selected based on their expertise in finance, economics, administration, or law.
The Commission also reviews the state of finances of the Union and the States and suggests measures for maintaining a stable and sustainable fiscal environment in the country.