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Q67 (CISF/2021) Polity & Governance › Constitutional & Statutory Bodies

Which one of the following statements about the Finance Commission is not correct?

Result
Your answer: —  Â·  Correct: B

Explanation

Statement B is incorrect because the 14th Finance Commission was constituted in January 2013 (chaired by Dr. Y.V. Reddy) and submitted its report in 2014. It was the 15th Finance Commission that was constituted in November 2017 (chaired by N.K. Singh) against the backdrop of the abolition of the Planning Commission and the introduction of GST.

  • Statement A: Correct. Article 280 of the Indian Constitution mandates the President to constitute a Finance Commission every five years.
  • Statement C: Correct. Its primary role is to recommend the distribution of tax proceeds between the Union and the States and among the States.
  • Statement D: Correct. The first Finance Commission was established in 1951 under the chairmanship of K.C. Neogy.
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