Article 280 of the Indian Constitution lays down the establishment of the

The correct answer is the Finance Commission.

Key Points

• According to Article 280, the Finance Commission is established for a period of 5 years.
• The Finance Commission is a 'constitutional body' constituted by the President of India which gives its suggestion to the President on the states' share in the taxes of the Center
• Finance Commission is constituted by the President for a period of 5 years.

Additional Information

• The 14th Finance Commission was headed by Y. V. Reddy.
• The 15th Finance Commission is headed by Nand Kishore Singh.
• The Finance Commission of India was established in 1951.
• The first chairman of the Finance Commission was K. C. Neogy.