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Finance Commission Of India
The Finance Commissions (IAST: ''Vitta Āyoga'') are commissions periodically constituted by the President of India under ''Article 280'' of the Indian Constitution to define the financial relations between the central government of India and the individual state governments. The First Commission was established in 1951 under The Finance Commission (Miscellaneous Provisions) Act, 1951. Fifteen Finance Commissions have been constituted since the promulgation of Indian Constitution in 1950. Individual commissions operate under the terms of reference which are different for every commission, and they define the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the constitution, the commission is appointed every five years and consists of a chairman and four other members. The most recent Finance Commission was constituted in 2017 and is chaired by N. K.Singh, a former member of the Planning Commissio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of India
The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, consisting of 28 union states and eight union territories. Under the Constitution, there are three primary branches of government: the legislative, the executive and the judiciary, whose powers are vested in a bicameral Parliament, President, aided by the Council of Ministers, and the Supreme Court respectively. Through judicial evolution, the Parliament has lost its sovereignty as its amendments to the Constitution are subject to judicial intervention. Judicial appointments in India are unique in that the executive or legislature have negligible say. Etymology and history The Government of India Act 1833, passed by the British parliament, is the first such act of law with the epithet "Government of India". Basic structure The gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of India
The Constitution of India (IAST: ) is the supreme law of India. The document lays down the framework that demarcates fundamental political code, structure, procedures, powers, and duties of government institutions and sets out fundamental rights, directive principles, and the duties of citizens. It is the longest written national constitution in the world. It imparts constitutional supremacy (not parliamentary supremacy, since it was created by a constituent assembly rather than Parliament) and was adopted by its people with a declaration in its preamble. Parliament cannot override the constitution. It was adopted by the Constituent Assembly of India on 26 November 1949 and became effective on 26 January 1950. The constitution replaced the Government of India Act 1935 as the country's fundamental governing document, and the Dominion of India became the Republic of India. To ensure constitutional autochthony, its framers repealed prior acts of the British parliament in A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eleventh Finance Commission
The Eleventh Finance Commission of India was appointed by the President on 3 July 1998 for the period 2000-2005. Members * Prof. A.M. Khusro, Chair * Shri N.C Jain * Shri J.C Jetly, IAS (retired) * Dr. Amaresh Bagchi * Shri T.N. Srivastava, IAS, Member Secretary. Terms of Reference The Commission was asked to make recommendations to the President with regard to the following:- # With regard to Chapter I of Part XII of the Constitution, the distribution between the Centre and the States of the net proceeds of taxes and the allocation between the States of the shares of these proceeds # The principles governing the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and with regard to Article 275 of the Constitution - the sums to be paid to the States which are in need of assistance by way of grants-in-aid of their revenues for purposes other than those specified in the provisions to clause (1) of that article; # With regard to the recommen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tenth Finance Commission
The Tenth Finance Commission of India was incorporated in the year 1992 consisting of Shri Krishna Chandra Pant as the chairman. Members The members of the commission were: * Shri Krishna Chandra Pant, Chairman * Dr. Debi Prasad Pal, Member of Parliament * Shri B.P.R. Vithal * Dr. C. Rangarajan, resigned on 21 December 1992 * Shri M.C. Gupta, Member Secretary, relinquished charge on 31 January 1994 * Shri Manu R. Shroff, In place of Dr. C. Rangarajan on 14 October 1993 * Shri Arun Sinha, Member Secretary (in place of M.C. Gupta) on 1 March 1994 Recommendations The commission recommended that: * The share of the Union Territories would not be determined on the grounds used for state share but it would be decided on the basis of population solely. The percentage would be 0.927% for the years 1995–2000. * Out of the total income obtained from certain central taxes and duties, 29% should go to the states. This is known as the 'Alternative Scheme of Devolution' and came into e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ninth Finance Commission
The Ninth Finance Commission of India was set up in June 1987 under the chairmanship of Mr. N.K.P Salve. Members The members of the Commission were: * Shri N.K.P. Salve, Chairman * Shri Justice Abdus Sattar Qureshi * Dr. Raja J. Chelliah * Shri Lal Thanhawla, resigned on 24 January 1989 * Shri Mahesh Prasad, Member Secretary, resigned during the term of the Commission * Shri S. Venkitaramanan, joined in place of Shri Lal Thanhawla on 3 May 1989 * Shri Venkitaramanan, resigned as Member of the Finance Commission on his appointment as Adviser to the Government of Karnataka * Shri R. Keishing, assumed charge as part-time Member of the Commission with effect from 25 November 1989. * Shri K.V.R. Nair, appointed as Member Secretary in place of Shri Mahesh Prasad from 13 July 1989 Terms of Reference The Commission was asked to adopt a normative approach in assessing the receipts and the expenditures on the revenue account not only of the states but also of the centre with due regard ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eighth Finance Commission
The Eighth Finance Commission of India was constituted by the President of India, on 28 April 1984 under the chairmanship of Shri Y.B. Chavan. Members The commission consisted of the following members: * Shri Y.B. Chavan, Chairman * Shri Justice Sabya Sachi Mukherjee, resigned during the term of the Commission * Dr. C. H. Hanumantha Rao * Shri G.C. Baveja * Shri A.R. Shirali * Shri Justice T.P.S. Chawla, in place of Sabya Sachi Mukherjee * Shri N.V. Krishnan, Secretary Terms of Reference The Commission was asked to make recommendations on * The distribution of net proceeds of taxes between the union and the states which are to be or may be divided between them under chapter 1 of Part XII of the Constitution and allocation between the states of the respective shares of the same * The principles which govern the grants in aid of the revenues of the states out of the Consolidated Fund of India and the amount to be paid to the needy States which seek assistance by way o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seventh Finance Commission
The Seventh Finance Commission of India was incorporated in 1978 consisting of Shri J. M. Shelar as the chairman. Members The members of the Commission were: * Shri J. M. Shelat, Chair * Dr. Raj Krishna * Dr. C. H. Hanumantha Rao * Shri. H. N. Ray * Shri. V. B. Eswaran, Member Secretary Recommendations * The share of the states in the net proceeds should be raised to 85% excepting the share of the Union Territories which would be 2.19% of net proceeds * The inter se distribution between the states should include 10% contribution factor and rest 90% would be on basis of population Population typically refers to the number of people in a single area, whether it be a city or town, region, country, continent, or the world. Governments typically quantify the size of the resident population within their jurisdiction using a .... The 10% allotment would be based on the State-wise net assessments References Further References * * Finance Commission of India 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sixth Finance Commission
The Sixth Finance Commission of India was incorporated in the year 1973 consisting of Shri K. Brahmananda Reddy as the chairman. Members The members of the Commission were: * Shri K. Brahmananda Reddy, Chairman * Shri Justice Syed Sadat Abal Masud * Dr. B.S. Minhas * Dr. I.S. Gulati * Shri G. Ramachandran, Member Secretary Recommendations * The States demanded the inclusion of corporation tax into the divisible income tax and 1005 allocation of the net proceeds to them. The commission expressed that such inclusion was constitutionally forbidden but it can be reviewed by National Development Council. * States share was increased from 75% to 80% due to the decrease in the divisible pool as the arrears of the advance tax collection A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fifth Finance Commission
The Fifth Finance Commission of India was constituted by the President of India, Dr. Zakir Hussain, on 15 March 1968. The commission was chaired by Mahavir Tyagi. Members The members of the commission were: * Shri Mahavir Tyagi, Chairman * Shri P.C. Bhattacharyya, died during the term of the Commission * Shri M. Seshachalapathy, retired Judge * Dr. D. T. Lakdawala * Shri V.L. Gidwani, Member Secretary * Shri G. Swaminathan, joined on 21 February 1969, in place of Shri P.C. Bhattacharyya Recommendations The Recommendations of the Fifth Finance Commission were wider than those of the previous commissions. Apart from the matters referred to in the earlier commissions, the fifth commission was required to: * Examine the desirability of maintaining existing arrangements in regard to additional excise duties levied in lieu of Sales Tax and the scope for extension of such arrangements to other items * To inquire into the unauthorized overdrafts of the States and recommend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fourth Finance Commission
The Fourth Finance Commission of India was constituted on 18 May 1964, under the chairmanship of Dr. P. V. Rajamannar. Members The members of the Commission were: * Dr. P. V. Rajamannar, Chairman * Shri Mohan Lal Gautam * Shri D.G. Karve * Prof. Bhabatosh Datta * Shri P.C. Mathew, Member Secretary The Commission suggested in its report that there should be greater co-ordination between the Centre and the States in common financial interests for which it recommended the establishment of a permanent organization in the Ministry of Finance. Recommendations * Tax sharing and allocation of income tax and Union Excise Duties. * Grants-in–aid to States in need of assistance, having regard to: # The revenue resources of States for five years ending with 1970-1971 on the basis of the levels of taxation likely to be reached at the end of 1965-66; # Creation of a fund out of Estate Duty proceeds over a specified limit, for repayment of State’s debt to the centre; and # Scope fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Third Finance Commission
The Third Finance Commission of India was appointed in 1960, for the period 1960–64, by the President of India and was chaired by Shri A.K. Chanda. Members Members of the commission were: * Shri A. K. Chanda, Chairman * Shri Govinda Menon * Shri Dwijendra Nath Roy (retired High Court Judge) * Prof. M. V. Mathur * Shri G. R. Kamat (Member Secretary). Terms of reference The commission was asked to make recommendations to the President with regard to the following:- # On account of Tax Sharing between the Centre and the State and allocation of Income Tax and Central Excise Duties # Under Article 275 of the Indian Constitution, Grants-in-Aid to States in need of assistance, other than the sums specified in the provisos to Clause 1 of article 275 ## With regard to the requirements of third five-year plan ## Secondly, with regard to the efforts to be made by those states to raise additional revenue amount # Allocation of duties, namely, additional excise duty and estate dut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Finance Commission
The Second Finance Commission of India was constituted by president Rajendra Prasad on 1 June 1956. Members The members of the Commission were: * Shri K. Santhanam, Chairman * Shri Ujjal Singh * Shri L.S. Misra, Retired Chief Justice, Hyderabad * Shri M.V. Rangachari * Dr. B.N. Ganguli * Shri H.B. Bhar, Secretary Terms of reference The Commission was asked to make the following recommendations: # Grants-in-Aid to certain States, in need of assistance under Article 275, having regard to the requirements of Second Five Year Plan and the efforts made by those states to raise additional revenue. # Allocation of Estate Duty and Tax on Railway Passenger Fares proposed to be levied by the Railway Passenger Fares Bill, 1957, introduced in the Lok Sabha on 15 May 1957. # Grants-in-Aid to the States of Assam, Bihar, Orissa and West Bengal, to compensate for their share of the export duty on jute and jute products as per Article 273. # The principles which should govern the distribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
