List of Finance Commissions of India Download PDF

The Finance Commission is a constitutional body which is  established under the Article 280 of Indian Constitution. The first finance commission was formed on 22 November, 1951. The headquarter of Finance commission is in New Delhi.

• The Finance Commission consists of a chairman and four other member. Qualification is recommended by the Parliament of Chairmen and other four members.
• The chairman is selected among person who had experience in public affairs.
• While other members are selected  among person, who  have been or are  qualified to be appointed judges of the High Court,  or Should have special knowledge of finance and accounts of government. A person who has wide experience in financial matters, A person who has special knowledge of Economics
• Finance commission is appointed by the president of India for every five years.
• Recently, N. K. Singh is appointed as the chairman of 15th Finance Commission from 2020-25.

Functions of the Finance Commission

• To recommend to the president the basis for Distribution of taxes to be shared between the Centre and the states Government.
• To recommend the principle which should govern the grants -in – aid to be given to states out of consolidated founds of India.
• To give advice to the president of India on any other matters referred to the commission in interest of the sound finance.

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