Indian Public Finance » Exercise – 1
1. In India, The tax proceeds of which one of the following as a% of gross tax revenue has significantly declined in the last five year ?
(a) Service tax
(b) Personal income tax
(c) Excise duty
(d) Corporation tax
2. Which committee recommended abolition of tax rebates under section 88 ?
(a) Chelliah Committee
(b) Kelkar Committee
(c) Shome Committee
(d) None of above
3. In India, deficit financing is used for raising resources for :
(a) economic development
(b) redemption of public debt
(c) adjusting the balance of payments
(d) reducing the foreign debt
4. Fiscal deficit in the budget means :
(a) revenue deficit plus the net borrowings of the governments
(b) budgetary deficit plus the net borrowings of the government
(c) capital deficit plus revenue deficit
(d) primary deficit minus capital deficit
5. The Goods and Service tax (GST) proposed to be introduced, covers taxes like
(a) Trade/Sale tax
(b) Service Tax
(c) Service, Excise
(d) Service, Excise, VAT
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