The Union Cabinet today approved the constitution of the 14th Finance Commission to suggest formula for sharing of tax proceeds between Centre and states. A senior minister said after the cabinet meeting that the government has cleared setting up of the 14th Finance Commission.AIR correspondent reports Finance Commission is a constitutional body set up every five years. Besides other things, the Commission lays down principles governing the grants-in-aid to states and other local bodies for five-year period beginning April 1, 2015.