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The Finance Commission is a constitutional body established under Article 280 of the Constitution of India. It plays a vital role in India's system of fiscal federalism by ensuring a fair and equitable distribution of financial resources between the Union and the States. The President of India constitutes the Finance Commission every five years or earlier if necessary. Its recommendations are intended to maintain financial balance, strengthen cooperative federalism, and promote balanced regional development. The functions of the Finance Commission have expanded over time to address the changing financial needs of the country. The primary function of the Finance Commission is to recommend the distribution of the net proceeds of taxes between the Union and the States. This process, known as vertical devolution, determines the proportion of central tax revenue that should be shared with the States. The Commission considers factors such as fiscal requirements, developmental needs, demographic characteristics, and economic disparities while making these recommendations. ___ _____ ______ ______ _________.
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