The Finance Commission is a constitutional body in India that plays a crucial role in recommending the distribution of tax revenues between the central government and the state governments. The Commission comprises a total of five members, including a chairman and four other members, who are appointed by the President of India.
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To be eligible for appointment to the Commission, individuals must have significant experience in public affairs, a sound understanding of economics, and financial management expertise. The chairman of the Commission is generally a former judge of the Supreme Court or a high court judge with at least five years of experience in the role. The other members are selected based on their specialized knowledge and expertise in areas such as finance, economics, or public administration.
The Commission’s main responsibility is to submit its report to the President within two years of its appointment, and its recommendations are taken into account by the central government while distributing funds to the states. The composition of the Finance Commission ensures that it is an impartial and independent body, capable of making unbiased recommendations for the benefit of all stakeholders involved.