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UPSC CSE Prelims Fiscal Policy Flashcards

Master 46 fiscal policy concepts for the UPSC CSE Prelims.

Deficits & Fiscal Management

10 cards

Question

Complete the formula for Fiscal Deficit:

Fiscal Deficit = Total Expenditure - (Revenue Receipts + Capital Receipts)

Question

Consider the following statements about 'Revenue Deficit':

  1. It implies that the government is borrowing to finance its day-to-day consumption.
  2. It includes capital expenditure incurred on infrastructure. Which of the statements given above is/are correct?

Tax Structure & GST

14 cards

Question

Differentiate between Direct and Indirect taxes based on incidence and impact.

taxes are those where the incidence and impact fall on the same person and cannot be shifted. taxes are those where the tax burden can be shifted to the final .

Question

Identify the correct GST components applied to different types of supply transactions.

For an intra-state sale (within the same state), both and are levied simultaneously. For an inter-state sale (between two states), a single is levied by the Central Government.

Budget & Public Finance

12 cards

Question

Complete the definition and components of government Revenue Receipts.

Revenue receipts are those that neither create a nor cause a reduction in the of the government. They are broadly divided into revenue and revenue.

Question

Which of the following is considered a Capital Receipt for the Government of India?

Finance Commission & Fiscal Federalism

10 cards

Question

Complete the constitutional provisions regarding the establishment of the Finance Commission:

Under Article , the Finance Commission is constituted every years by the .

Question

Regarding the 15th Finance Commission chaired by N.K. Singh, what is the recommended share of states in the central taxes (vertical devolution) for the 2021-26 period?

Also study

Money and Banking84International Organizations39External Sector48Growth, Development & Indicators54Agriculture & Allied Sectors36Industry & Infrastructure10Social Development & Inclusion13Planning & Economic Reforms10

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