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Which among the following is/are correct statements? (A) The 14th Finance Commission was headed by Dr. Y.V. Reddy (B) The 14th Finance Commission recommended devolution of 42% of funds to State Governments (C) Finance Commission is appointed by Union Finance Minister

Which among the following is/are correct statements? (A) The 14th Finance Commission was headed by Dr. Y.V. Reddy (B) The 14th Finance Commission recommended devolution of 42% of funds to State Governments (C) Finance Commission is appointed by Union Finance Minister Correct Answer (A) only

The Correct Answer is (A) only.

Key Points

  • On 2 January 2013, the President constituted the Fourteenth Finance Commission (FC-XIV) under Article 280 of the Constitution to offer recommendations for the period 2015-20.
  • The Chairman of the Commission was named Dr. Y. V. Reddy. 
  • The President of India, in accordance with Article 280 of the Indian Constitution, appoints Finance Commissions on a regular basis to clarify the financial connections between the federal government of India and the various state governments.
  • The Finance Commission (Miscellaneous Provisions) Act of 1951 constituted the First Commission in 1951. The Finance Commission proposes a fiscal deficit glide path that retains tax devolution to states at 42 per cent.
  • During the period 2021-22 to 2025-26, the 15th Finance Commission recommends that the states get 42 per cent of the divisible revenue pool of the Centre.
  • The President, under Article 280 of the Constitution, appoints the Finance Commission to make recommendations on tax income distribution between the Union and the States, as well as among the States themselves.

Related Questions

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