Question
Discuss the powers and functions of State Finance Commission.
Answer :
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The State Finance Commission (SFC) is a constitutional body established under Article 243-I of the Constitution of India by the 73rd Constitutional Amendment Act, 1992, and Article 243-Y by the 74th Constitutional Amendment Act, 1992. It plays a vital role in strengthening democratic decentralization by ensuring the financial viability of Panchayats and Municipalities. Every State Government is required to constitute a State Finance Commission within one year of the commencement of these amendments and thereafter every five years. The Commission reviews the financial position of local bodies and recommends measures for improving their fiscal capacity. One of the principal powers of the State Finance Commission is to examine the distribution of financial resources between the State Government and local self-government institutions. It assesses the existing system of revenue sharing and recommends the principles governing the allocation of taxes, duties, tolls, and fees that may be divided between the State and Panchayats or Municipalities. The Commission has the authority to recommend which taxes, duties, tolls, and fees may be assigned or
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