15th Finance Commission submitted it's reports - MAINS QUESTION - DAILY CURRENT AFFAIR QUESTIONS AND ANSWERS

Friday, November 13, 2020

15th Finance Commission submitted it's reports


15th Finance Commission

15th Finance Commission under Chairman N. K. Singh has submitted reports from 2021-22 to 2025-2026 to the President, now the President will put it on the table of the Parliament and after that it will come in public domain. In this report on issues like tax distribution model among states for the next 5 years
recommendations will be included. The report has been finalized after consultations with institutions and multi-tiered institutions.

Composition of Finance Commission:

It's a constitutional body. It's formed in every 5 year under the article 280.This is done for the purpose of advising the government on financial matters.

There is a chairman and 4 members. The Chairman of the Finance Commission would be the person who has enough experience in 'Public Life'. 

Other members of the Finance Commission having the qualification of a HC Judge, a Finance and Accounts
Knowledgeable, a financial affairs experience and an economist.

Parliament has the power to make laws, rules for the selection of members of the Commission. For this  The Finance Commission Act 1951 was passed.


Functions of Finance Commission:

Under Article 280 (3), the Finance Commission makes its recommendations to the President on the following matters:

-Regarding the distribution of taxes between the Union and the States.

- Regarding the principles that determine grants-in-aid to the States from the Consolidated Fund of India.

-Regarding necessary measures for promotion from the State's Consolidated Fund for the fulfillment of resources of Panchayats and Municipalities in the State based on the recommendations of the State Finance Commission. 


-Regarding any other subject specified by the President to strengthen the financial position.

Other important facts about the Finance Commission

-The first Finance Commission was formed in the year 1951.

-Its first chairman was KC Niyogi.

-A total of 15 Finance Commissions have been constituted so far.

-The 15th Finance Commission was constituted in November 2017, headed by NK Singh (IAS). 

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