India's present fiscal structure is the result of a gradual evolution, dating back to December 14, 1870 when the resolution of Lord Mayo, Viceroy of India, was issued. The Mayo resolution explained the scheme by which the Government of India envisaged enlargement of the powers and responsibilities of the Provinces. The process of decentralisation of functions and finances in India will complete 140 years with the termination of the recommendations of the Twelfth Finance Commission in March 2010. This book traces the developments in the federal structure of India over this period. The work provides a detailed description and analysis of the evolution and the present nature of Centre-State financial relations in India and explains the existing constitutional arrangements for intergovernmental financial transfers and the role of the Finance Commission and the Planning Commission in effecting these transfers. The book consists of 27 chapters which explain different dimensions of fiscal federalism in India.