Which of the following statements about the State finance commission is/are true?
1. It was created by the 92nd amendment.
2. Its function is to review the financial position of the panchayats
3. The Parliament provides for the composition and qualification of the members of the commission.
4. It also reviews the financial position of the Municipalities.
1
1 and 2 only
2
2 only
3
2 and 4 only
4
1, 2, 3 and 4