Union Cabinet gave its nod to set up 15th Finance Commission - TNPSC GURU - TNPSC Group 4 2017 Notification 9351 Vacancies - TNPSC

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Wednesday, November 29

Union Cabinet gave its nod to set up 15th Finance Commission

TNPSC Current Affairs - November 2017 by TNPSC Guru 
Union Cabinet has given its nod for setting up 15th Finance commission under Article 280(1) of Indian Constitution which will recommend the distribution of taxes or funds between centre and states

About the Finance Commission:
  • As per Article 280 of Indian Constitution, President will establish Finance commission every fifth year or earlier as he thinks necessary.  
  • Finance Commission is a Quasi-judicial body and the chairman will be appointed by President.
  • The main aim of Finance commission is to distribute or allocate the net proceeds of taxes to be shared between Centre and States.
  • Till now 14 finance commission has been constituted.
  • First Commission chaired by K.C Neogy , 2nd by K. Santhanam, 3rd by A.K Chanda, 4th by Dr. P.V Rajamannar, 5th by Mahavir Tyagi, 6th by Brahamananda Reddy, 7th by J.M Shelat, 8th by Y.B. Chavan, 9th by N.K.P Salve, 10th by K.C Pant. 11th by A.M Khusro, 12th by Dr.C Rangarajan, 13th by Dr. Vijay Kelkar, 14th by Y.V Reddy.

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