CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The government has begun the process of forming the Sixteenth Finance Commission.
About Finance Commission
It is a constitutional authority tasked with making recommendations on tax revenue distribution between the Union and the states, as well as among the states.
Under Article 280 of the Constitution, the President appoints the Finance Commission.
It is formed at the conclusion of every fifth year, or earlier if the President deems it necessary.
The essential credentials for appointment as members of the Commission, as well as the mechanism for their selection, may be determined by Parliament by law. As a result, the Finance Commission (Miscellaneous Provisions) Act of 1951 was enacted.
The Commission's mandate is to provide recommendations to the President on: the distribution between the Union and the States of the net proceeds of taxes to be, or may be, divided between them, and the allocation between the States of the respective shares of such proceeds; the principles that should govern grants-in-aid from the Consolidated Fund of India; the measures required to augment a State's Consolidated Fund to supplement the resources of the State's Panchayats and Municipalities on a per capita basis; any other item presented to the Commission by the President in the interest of good fiscal management.
Composition
- It is made up of a Chairman and four other members selected by the President.
Members' qualifications: The Chairman of the Commission is chosen from among those with experience in public affairs, and the four other members are chosen from among those who are, or have been, or are qualified to be appointed as judges of a High Court; or have special knowledge of government finances and accounts; or have extensive experience in financial and administrative matters; or have specific economic expertise.
Tenure Of Members
Each member will serve for the time period mentioned in the President's order and is eligible for reappointment.
The Finance Commission's recommendations are not legally binding on the government.
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