Question
Consider the following about 15th Finance
Commission: I. It is the constitutional body. II. It determines the method and formula for distributing the tax proceeds between the Centre and states. III. The 15th Finance Commission was constituted by the President of India in November 2020, under the chairmanship of NK Singh. Which of the above statement is/are not correct?Solution
Statement I is correct - The Finance Commission (FC) is a constitutional body. Statement II is correct – It determines the method and formula for distributing the tax proceeds between the Centre and states. statement III is not correct - The 15th Finance Commission was constituted by the President of India in November 2017, under the chairmanship of NK Singh.
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