Which of the following statements accurately describes the role of the Finance Commission in India?
- It determines the distribution of net proceeds of taxes between the Center and the States.
- It reviews the financial position of the Central Government and recommends measures for maintaining fiscal discipline.
- It is responsible for the formulation of the Goods and Services Tax (GST) rates across India.
1
1 and 2 only
2
1 and 3 only
3
2 and 3 only
4
1, 2, and 3
5
1 only