admin✅Article 280 of the constitution of India provides for a Finance Commission as a
quasi-judicial body.
✅ It constituted by the president of India every fifth year or at such earlier time
as he considers necessary.
✅Finance Commission consists of a chairman and four other members to be
appointed by the president.
✅ Function of the commission is to make recomendations to the president of India on following matters .
- The distribution of the net proceeds of taxes to be shared between the centre and the states and the allocation between the states of the respective shares of such proceeds.
- The principles that should govern the grants-in-aid to the states by Centre.
- The measures needed to augment the consolidated fund of of the panchayats and the municipalities in the state on the basis of the recommendations made by
the state finance commission
