#28: Articles related to Finance & Economy
This Diwali, let us learn ways to earn 'Lakshmi' legally!
Diwali is exclusive festival of Goddess Laxmi. 🛕
This Diwali, learn important Articles of Constitution related to finance & economy of India. Quote these articles in your answers to earn extra marks!
First, Syllabus Mapping
GS2: Functions and Responsibilities of Union and States, Issues and challenged pertaining to the federal structure, devolution of powers and finances up to local levels
Let's get started!
Article 265
No tax shall be levied or collected except by authority of law
In short, if you doubt someone is collecting 'taxes' from you illegally, you can ask them for their ID or authority! 😏
Article 266 (1), 266 (2) and 267💸💰
266 (1) Consolidated Fund of India
266 (2) Public Fund of India
267 Contingency fund of India
Learn more about these here 👇
Article 268-270🧾🤯
The taxes that are levied, appropriated and distributed between Union and State.
How? Simplified it for you in this table!
Grants💵📈
Article 275: Statutory Grants💪
- Recommended by FC
- Charged on CFI
Article 282: Discretionary Grants🤌
- For any public purpose by Union or State
- No obligation on Union to make these grants
Constitutional Bodies🧑⚖️
1. GST Council u/A 279A (101st Amendment)
2. Finance Commission u/A 280 (to recommend tax distribution) (7/10)
Borrowing by 🙏
1. Union u/A 292 empowered to borrow internally or externally
2. State u/A 293
- Can't independently borrow externally
- If indebted to Union, need Union's permission to borrow more (8/10)
Article 300A 🏠
Right to property made a legal right (from fundamental right) via 44th Amendment Act
Trade, Commerce and Intercourse (TCI)🏗️🚢🚚
1. 301: TCI free throughout territory of India
2. 302: Parliament has power to impose restrictions on TCI
Give a rough read to 303-307 to understand TCI further :)
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