What are the functions of the Finance Commission?
The Finance Commission is responsible for making recommendations to the President on the distribution between the Union and the States of the net proceeds of taxes; the principles governing the grants-in-aid of the revenues of the States out of the Consolidated Fund of India; the measures needed to augment the Consolidated Funds of States to supplement the resources of Panchayats and Municipalities; and any other matter referred to the Commission by the President in the interests of sound finance.