The Finance Commission of India established under Article 280 of the Indian Constitution by the President of India in 1951was formed to define the financial relations between the Centre and the State.
The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.
As per the Constitution, the Finance Commission is appointed every 5 Years and consists of a Chairman and 4 other members.
Functions of the Finance Commission -
- Distribution of net proceeds of taxes between Centre and the States, to be divided as per their respective contributions to the taxes.
- Determine factors governing Grants-in Aid to the states and the magnitude of the same.
- Work with the State Finance Commissions and suggest measures to augment the Consolidated Fund of the States so as to provide additional resources to Panchayats and Municipalities in the state.
Finance Commissions so far
Finance Commission
|
Established in
|
Chairman
|
Period
|
1
|
1951
|
K.C Neogy
|
1952-57
|
2
|
1956
|
K.Santhanam
|
1957-62
|
3
|
1960
|
A.K. Chanda
|
1962-66
|
4
|
1964
|
P.V. Rajamannarr
|
1966-69
|
5
|
1968
|
Mahaveer Tyagi
|
1969-74
|
6
|
1972
|
K. Brahmananda Reddy
|
1974-79
|
7
|
1977
|
J.M. Shellet
|
1979-84
|
8
|
1983
|
Y B Chavan
|
1984-89
|
9
|
1987
|
N K P Salve
|
1989-95
|
10
|
1992
|
K.C Pant
|
1995-2000
|
11
|
1998
|
A.M.Khusro
|
2000-2005
|
12
|
2003
|
C.Rangarajan
|
2005-2010
|
13
|
2007
|
Vijay Kelkar
|
2010-2015
|
14
|
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| 15 |
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