Discuss the composition, powers and functions of State Finance Commission.

The State Finance Commission (SFC) is a constitutional body formed in India to address the financial matters between the central government and the state governments. It plays a crucial role in ensuring a fair distribution of financial resources and promotes fiscal stability at the state level. Let's discuss its composition, powers, and functions in detail.

Composition of State Finance Commission:

1. Chairperson: The SFC is typically headed by a retired judge of the High Court or an expert in finance or administration.

2. Members: The commission is usually composed of experts from various fields such as economics, finance, or public administration, appointed by the Governor of the state.

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