Consider the following statements regarding the Finance Commission of India: i. The Article 380(1) of the Constitution lays down that the modalities for setting up of a Finance Commission to make rec…

Question

Consider the following statements regarding the Finance Commission of India: i. The Article 380(1) of the Constitution lays down that the modalities for setting up of a Finance Commission to make recommendations on the distribution of net proceeds of taxes between the Union and the States during the award period. ii. The $15^{th}$ Finance Commission made its recommendations for a six-year period from 2020-21 to 2025-26. iii. Dr. Arvind Panagariya is the Chairman of the $16^{th}$ Finance Commission. iv. The $16^{th}$ Finance Commission shall make its report available by $31^{st}$ March, 2025. v. The $16^{th}$ Finance Commission's recommendations would cover the period of five years commencing 01 April 2026. Which of the above statements is/are correct:

PYQPulse · Accepted Answer

ii, iii and v only

PYQPulse · Answer

Explanation: The Finance Commission of India is a key constitutional body established under Article 280 of the Constitution. Its main purpose is to advise the President on financial matters, including the distribution of tax revenues between the central government (Union) and the state governments.

Answer: D. ii, iii and v only

Explanation

Answer: D. ii, iii and v only

Explanation