Union Cabinet gave its nod to set up 15th Finance Commission

TNPSC Current Affairs - November 2017 by TNPSC Guru 

Union Cabinet has given its nod for setting up 15^th Finance commission under Article 280(1) of Indian Constitution which will recommend the distribution of taxes or funds between centre and states

About the Finance Commission:

• As per Article 280 of Indian Constitution, President will establish Finance commission every fifth year or earlier as he thinks necessary.  
• Finance Commission is a Quasi-judicial body and the chairman will be appointed by President.
• The main aim of Finance commission is to distribute or allocate the net proceeds of taxes to be shared between Centre and States.
• Till now 14 finance commission has been constituted.
• First Commission chaired by K.C Neogy , 2^nd by K. Santhanam, 3^rd by A.K Chanda, 4^th by Dr. P.V Rajamannar, 5^th by Mahavir Tyagi, 6^th by Brahamananda Reddy, 7^th by J.M Shelat, 8^th by Y.B. Chavan, 9^th by N.K.P Salve, 10^th by K.C Pant. 11^th by A.M Khusro, 12^th by Dr.C Rangarajan, 13^th by Dr. Vijay Kelkar, 14^th by Y.V Reddy.