Finance Commission: Finance Commission of India formed in 1951. It is the constitutional body. The main role of the Finance Commission is to define the financial relations between centre and the states. The distribution of the net proceeds of taxes between the Union and the States.
GST: Goods and Services Tax is an indirect tax. The GST council is a constitutional body. This tax is applied at the national level with a purpose of achieving overall economic growth. CGST, SGST and Integrated GST are main features of GST. Five distinct tax categories are 0%, 5%, 12%, 18% and 28%.
NITI Aayog: The Planning Commission was replaced by the NITI Aayog in 2015. National Institution for Transforming India is a non-constitutional body. It will monitor, coordinate and ensure implementation of the sustainable development goals. Seven pillars of NITI Aayog are Pro-people, Pro- Activity, Participation, Empowering, Inclusion of All, Equality and Transparency.
3.10 Finance Commission.docx