वित्त आयोग एवं अन्य दिशा निर्देश | Finance Commission and other guidelines
Key Guidelines and Functions of the Finance Commission:
Constitutional Basis (Article 280): It is mandatory for the President to constitute a Commission, comprising a Chairperson and four other members, every five years or earlier.
Tax Distribution: To determine the method for dividing the Union's tax revenues between the Centre and the States, and to allocate these revenues among the States.
Grants-in-Aid: To determine the principles governing the grants-in-aid to be given to the States from the Consolidated Fund of India.
Local Bodies: To suggest measures for augmenting the Consolidated Fund of a State for the benefit of Panchayats and Municipalities.
Terms of Reference: The Commission functions based on specific guidelines laid down by the President (such as demographic performance, in the case of the 15th Finance Commission).

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