Indian Polity · Polity
Considering the constitutional framework of financial relations in India, which of the following statements accurately characterizes the nature and primary function of the Finance Commission?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is a constitutional body constituted every five years to recommend the distribution of tax revenues between the Union and States.✓
- 2It is a collaborative body comprising representatives from both the Union and States that governs the Goods and Services Tax (GST) framework.
- 3It is a permanent statutory institution responsible for the provision of grants-in-aid to states exclusively for the implementation of international treaties.
- 4It is the primary executive authority that levies and collects taxes such as land revenue and excise on alcohol on behalf of the State governments.
Correct answer
It is a constitutional body constituted every five years to recommend the distribution of tax revenues between the Union and States.
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