Article 280 of Constitution of India "Finance Commission"
(1) The President shall, within two years from the
commencement of this Constitution and thereafter at the
expiration of every fifth year or at such earlier time as
the President considers necessary, by order constitute a
Finance Commission which shall consist of a Chairman and
four other members to be appointed by the President.
(2) It shall be the duty of the Commission to make recommendations to the President as to-
(a) the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under this Chapter and the allocation between the States of the respective shares of such proceeds;
(b) the principles which should govern the grants- in-aid of
the revenues of the States out of the Consolidated Fund of
(c) any other matter referred to the Commission by the President in the interests of sound finance.
(4) The Commission shall determine their procedure and shall have such powers in the performance of their functions as Parliament may by law confer on them.
Article 281 of Constitution of India "Recommendations of the Finance Commission"
The President shall cause every recommendation made by the Finance Commission under the provisions of this Constitution together with an explanatory memorandum as to the action taken thereon to be laid before each House of Parliament
What is Interpretation? What is the meaning Taxes not to be imposed save by authority of law? What is Consolidated Funds and public accounts of India and of the States? Article 264, 265 and 266 of Constitution of India, 1949
What are the Surcharge on certain duties and taxes for purposes of the Union? What are the Taxes which are levied and collected by the Union and may be distributed between the Union and the States? Article 271 and 272 of Constitution of India, 1949
What are the Grants in lieu of export duty on jute and jute products? What is the meaning Prior recommendation of President required to Bills affecting taxation in which States are interested? Article 273 and 274 of Constitution of India, 1949