|The 13th Finance Commission recommendation includes:
|1. States to get 32 percent of central taxes.
|2. Total transfer to states on the revenue account be capped at 39.5 percent of the centre's gross tax revenue. Which of these statements is/are correct?
A) Only 1
B) Only 2
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: C
Solution :[c] Finance Commission is established for the purpose of allocation of certain resources of revenue between the Union and the State Governments and it is established under Article 280 of the Constitution of India by the President. The Operational duration for the finance commission is five years. So far 13 Finance Commissions have been appointed. The 1st finance Commission was established in the year 1951 headed by K C Neogy for the period 1952-57.13th Finance Commission is established in the year 2007 headed by Vijay Kelkar for the period 2010-15.
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