Union Territories & Panchayats
The Governor must constitute a State Finance Commission within one year of the 73rd Amendment's commencement (1993), and every five years after that, to review Panchayats' financial position and recommend tax-revenue sharing principles between the state and Panchayats, which taxes to assign to Panchayats, grants-in-aid, and other measures to improve Panchayat finances - with the Governor required to lay the Commission's recommendations, plus an action-taken report, before the State Legislature.
This mirrors the Union-level Finance Commission (Article 280) at the Panchayat level: every state must periodically set up its own dedicated Finance Commission specifically to work out fair revenue-sharing between the state government and its Panchayats, ensuring local government funding isn't left to ad hoc, unreviewed decisions.
Every Indian state periodically constitutes a State Finance Commission whose recommendations directly shape how much revenue Panchayats (and municipalities, under the parallel Article 243-Y) actually receive from the state government each year.