Finance Commission plays a crucial role in the federal structure of the country. Describe the procedure of its constitution and elucidate its functions. 10 marks

Mentor’s comment-

In the intro, briefly mention the need of such commission.
In the body mention the relevant Article and the procedure mentioned in the Constitution. In the next part mention the role the commission plays in deciding the financial relations between the Centre and the states.
Conclude by mentioning the crucial role the commission plays in the federal structure of the country.