Indian Economy / Fiscal System
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The Finance Commission of India is a constitutional body and is established by the President under the Article 280 of the Indian Constitution. It came into existence from 1951. It deals with devolution of central taxes and duties among the Centre and the states. According to the Constitution, the Finance Commission will be appointed for every five years and it will consist of one chairman and four other members.
Though the Constitution did not mention the qualifications required for either the Chairman or the members, the Chairman is selected from the people having experience in public affairs. The remaining four members are selected as per the following requirements