What are the functions of finance commission of India.

1.	What are the functions of finance commission of India.
Answer» 1. The distribution between the Union and the States of the net proceeds of taxes, which may be divided between them and the allocation among the states of the respective shares of such proceeds; 2. To determine the quantum of grantsin- aid to be given by the Centre to states [Article 275 (1)] and to volve the principles governing the eligibility of the state for such grant-in-aid; 3. Any other matter referred to the Commission by the President of India in the interest of sound finance. Several issues like debt relief, financing of calamity relief of states, additional excise duties, etc. have been referred to the Commission invoking this clause.

Answer»

1. The distribution between the Union and the States of the net proceeds of taxes, which may be divided between them and the allocation among the states of the respective shares of such proceeds;

2. To determine the quantum of grantsin- aid to be given by the Centre to states [Article 275 (1)] and to volve the principles governing the eligibility of the state for such grant-in-aid;

3. Any other matter referred to the Commission by the President of India in the interest of sound finance. Several issues like debt relief, financing of calamity relief of states, additional excise duties, etc. have been referred to the Commission invoking this clause.

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