Amendment status not verified — confirm the current text below against the official source.
(1) The Finance Commission constituted by the State Government under article 243 -I of the Constitution ofIndia shall review the financial position of the Corporation and make recommendations to the Government as to- (a) the principles which should govern- (i) the distribution between the State and the Corporation of the net proceeds of the taxes, duties, tolls and fees leviable by the State, which may be divided between them and the allocation between the Corporation at all levels of their respective shares of such proceeds; (ii) the determination of the taxes, duties, tolls and fees which may be assigned to, or appropriated by the Corporation; (iii) the grants-in-aid to the Corporation from the Consolidated Fund of the State; (b) the measures needed to improve the financial position of the Corporation; (c) any other matter referred to the Finance Commission by the Government in the interest of sound finances of the Corporation. (2) The Government shall cause every recommendation made by the Finance Commission under this section together with an explanatory memorandum as to the action taken thereon, to be laid before the Legislature of the State.