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
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| 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 |