The Finance Commission is constituted by the President under

Explanation

1. 01

   Article 280 requires the President to constitute a Finance Commission every fifth year, or earlier if needed.

2. 02

   Its task is to recommend how tax revenue is shared between the Union and the States, and how grants-in-aid are distributed.

3. 03

   Article 263 is the Inter-State Council, a different body with a different purpose.