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<h1>Presidential Panel Sets Framework for Financial Resource Allocation Between Union and States, Guiding Intergovernmental Fiscal Mechanisms</h1> The constitutional provision establishes a Finance Commission appointed by the President every five years. The Commission's primary responsibilities include recommending the distribution of tax proceeds between the Union and States, principles for state revenue grants, and measures to supplement resources for local government entities like Panchayats and Municipalities. Parliament can determine the Commission's qualifications and powers, and the President may refer additional financial matters for its review.