what is the financial power of union parliament
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The law-making powers of the Union are with the Union Parliament. It is a bicameral legislature with the House of the People (Lok Sabha) as the Lower House and the Council of States (Rajya Sabha) as the Upper House. Legally the law-making powers are exercised by the President-in-Parliament.
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Parliament is the supreme legislative body; it consists of President and two houses: Lok Sabha (House of the People) and Rajya Sabha (Council of States). It makes laws on Union List and Concurrent List and exercises control over National Finance. ... Parliament also makes laws on State subjects during national emergency.
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