Indian Polity · Polity

Consider the following core Terms of Reference under Article 280 of the Constitution of India that generally apply to the Finance Commissions (including the 15th Finance Commission): I. The distribution between the Union and the States of the net proceeds of taxes which are to be divided between them and the allocation between the States of the respective shares of such proceeds. II. The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India. III. The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State. Select the correct answer from the code given below: