What is the composition of the finance commission?

By Ritesh|Updated : September 2nd, 2022

The composition of the finance commission consists of the chairman and 4 other members. The chairman leads the committee, directs its activities, and should have experience in public affairs. The Parliament legally determines the Commission members' qualifications and their selection method.

  • These 4 members should be or should be qualified as judges of the Supreme Court or have knowledge in finance or experience in financial matters and be in administration or have knowledge in economics.
  • The country's president makes all appointments.
  • The Finance Commission is a constitutional body to apportion specific sources of revenue between the Union and the State Governments.
  • It was established under Article 280 of the Constitution of India by the President of India.
  • It was created to define the financial relations between the Center and the states.
  • It was established in 1951.

Composition of the Finance Commission

Qualifications of the chairman and members of the finance commission:

  • The four members should be or should be qualified as judges of the Supreme Court or have finance knowledge or experience in financial aspects and be in administration or have economics knowledge.
  • The country's president makes all appointments.

Reasons for members disqualification:

  • It is unsound, involved in an infamous act if there is an issue of interest
  • The Indian President fixes the period of the Finance Commission member, and sometimes, the members are re-appointed.
  • Members shall provide part-time service to the Commission or service scheduled by the Chair.
  • The member's salary is according to the provisions established by the constitution.

Summary:

What is the composition of the finance commission?

The finance committee has a chairman and four other members. The Chairman leads the Commission, is responsible for its activities, and should have experience in public affairs. The Parliament legally finds the qualifications of the members of the Commission and their selection methods.

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