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What is the role of the Finance Commission in India?
Practice Questions
Q1
What is the role of the Finance Commission in India?
To allocate funds to the states
To advise on the distribution of taxes
To manage the public debt
To oversee the budgetary process
Questions & Step-by-Step Solutions
What is the role of the Finance Commission in India?
Steps
Concepts
Step 1: Understand that the Finance Commission is a constitutional body in India.
Step 2: Know that it is formed every five years or whenever needed.
Step 3: Recognize that its main job is to recommend how to share tax money between the central government (Centre) and state governments.
Step 4: Remember that the Finance Commission advises the President of India on these matters.
Step 5: Realize that this helps ensure fair distribution of financial resources across different levels of government.
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