Practice Budget, Fiscal Policy, Taxes and GST – GK Quiz with Answers – Level 2

Which of the following pairs of a budget function and its purpose is correctly matched?

Which of the following is NOT a capital receipt of the government?

Which of the following is NOT an item of revenue expenditure?

Consider the following statements about government deficits:

1. Revenue deficit is revenue expenditure minus revenue receipts.

2. Fiscal deficit shows the total borrowing the government needs.

3. Primary deficit is obtained by adding interest payments to the fiscal deficit.

Which of the statements given above is/are correct?

Consider the following statements about the Union Budget:

1. Under Article 112, the Annual Financial Statement is laid before Parliament every financial year.

2. India's financial year runs from 1 January to 31 December.

3. The Finance Bill, presented with the budget, gives details of taxes imposed, abolished or changed.

Which of the statements given above is/are correct?

A tax that the seller pays to the government but whose burden is passed on to the buyer through higher prices is called:

Arrange the following events in chronological order:

1. Passing of the FRBM Act

2. Rollout of GST across India

3. 101st Constitutional Amendment Act for GST

Select the correct chronological order.

Consider the following statements about GST:

1. A sale within a state attracts both CGST and SGST.

2. IGST is levied on inter-state supply and is collected by the States.

3. Inter-state GST is provided for in Article 269A.

Which of the statements given above is/are correct?

Which of the following taxes was subsumed into GST?

Which of the following statements about the GST Council is NOT correct?