The Finance Commission One Liner Questions & Answers


Question Answer
1 Generally, in India Finance Commission is appointed every five years to – Determine the share of the States in the grants and revenues of the Central Government
2 Under which Article is the formation of the Finance Commission laid down? Article 280
3 Which authority recommends the principles governing the grants-in-aid of the revenues to the States out of the Consolidated Fund of India? Finance Commission
4 Which institution will lay down the basic principles for the distribution of the net proceeds of the taxes between the Union and States? Finance Commission
5 The main functions of the Finance Commission are –
To determine the part of States in central taxes and to determine the principles of financial aid given by the Centre to States
6 Federal Finance Commission in India relates to – Finances between States and the Centre
7 The main agency to resolve the fiscal disputes between the Centre and States is – Supreme Court
8 The Provisions regarding the division of taxes between the Union and the States – Can be suspended during National Emergency
9 Who was the Chairman of the Twelfth Finance Commission? C. Rangarajan
10 Who was the Chairman of the 13th Finance Commission? Vijay Kelkar
11 Who was the Chairman of the 14th Finance Commission? Y. V. Reddy
12 Who has been nominated as the chairman of the 15th Finance Commission? N.K. Singh
13 Who shall cause every recommendation made by the Finance Commission to be laid before each House of the Parliament? The President of India
14 The Finance Commission is constituted for a period of – 5 years
15 The State Finance Commission is a – Constitutional body
16 After the commencement of the Constitution how many Finance Commissions have been constituted? 15
17 The Finance Commission consists of a Chairman and – Four other members