![]() ![]() The Governor of the states has the responsibility to constitute the state finance commission under Article 243-I. For the rollout of GST, the activities of the commission’s job were harder as the power related to the taxation has been taken away from the state and handed over to the GST Council, and the same was noted in newspapers named “The Economic Times” and “The Hindu”. ![]() The 15th Finance Commission has been constituted for strengthening cooperative federalism, protecting fiscal stability, and improving the quality of public spending. This commission needs approval from the President via the notification in “The Gazette of India”. These are the parent departments of the 15th Finance Commission. In the 15th Finance Commission, there are different financial departments to manage the economy of India such as the “Department of Economic Affairs, Government of India, and Ministry of Finance”. ![]() The Chairman of this commission is Nand Kishore Singh. The 15th Finance Commission has been constituted for the devolution of different fiscal matters and taxes for 5 fiscal years. New Delhi is the headquarters of this commission. In 2017, the last Finance Commission was constituted and N.K Singh is the chairperson of this commission. This commission is set up after every 5 years and in the commission, there is one chairperson and four members to run the financial activities across the country. This commission maintains the relationship between the central government and the individual state government. The Finance Commission has been set up to look after the financial activities of the government and protect the public finances. Discussion Concept of Finance Commission in India 15 Finance Commissions have been set up since 1950. In the year 1951, the first commission was set up under the Finance Commission Act. The President of India constitutes the Finance Commission and this commission represents the financial relationship between the central government and each state government of India. ![]()
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