Q60. Which is NOT a matter that by itself qualifies a bill as a Money Bill under Article 110?
[CDS-I General Knowledge, 10 April 2022]
(A) Imposition or regulation of a central tax
(B) Appropriation from the Consolidated Fund
(C) Fines imposed by a local authority for local purposes
(D) Custody of Consolidated or Contingency Funds
Answer: (C) Fines imposed by a local authority for local purposes
Explanation: Article 110 covers central taxation, borrowing and designated public-fund operations. It expressly excludes measures that merely impose local fees, fines or penalties from automatic Money Bill treatment. Such classification affects the Rajya Sabha’s limited role and the legislative process for the measure.
Q59. Which product among these was outside the GST levy at the time of the examination?
[CDS-I General Knowledge, 10 April 2022]
(A) Cosmetics
(B) Medical-grade oxygen
(C) Jewellery
(D) Petrol
Answer: (D) Petrol
Explanation: Petrol remained outside operational GST coverage, with relevant excise and state sales taxes instead applying. Goods such as cosmetics, oxygen and jewellery may attract different GST rates or exemptions, but they are within the broader GST supply framework, unlike the listed petroleum motor fuel.
Q58. On which date did Goods and Services Tax become operational in India?
[SSC CGL Tier I, 6 December 2022, Shift 2]
(A) 1 July 2017
(B) 1 May 2016
(C) 1 April 2016
(D) 1 April 2017
Answer: (A) 1 July 2017
Explanation: GST was launched nationally on 1 July 2017 after the 101st Constitutional Amendment and related legislation established the framework. It subsumed numerous central and state indirect taxes and provided for input-tax credits, although certain products and levies remained outside its scope.
Q57. What is a primary responsibility of a State Finance Commission?
[RRB Group D, 16 September 2022, Shift 2]
(A) Ensuring Parliament supervises the Union executive
(B) Advising the President on central legal cases
(C) Recommending distribution of State taxes and fees between the State and local bodies
(D) Conducting local-government elections
Answer: (C) Recommending distribution of State taxes and fees between the State and local bodies
Explanation: State Finance Commissions review the fiscal position of Panchayats and Municipalities and recommend transfers and revenue assignments. Their constitutional mandates arise under Articles 243I and 243Y. State Election Commissions, not Finance Commissions, supervise elections to local self-government institutions.
Q56. Which Bill accompanies the Union Budget and provides details of proposed tax imposition, abolition or alteration?
[RRB Group D, 26 September 2022, Shift 1]
(A) Money Bill
(B) Ordinance Replacing Bill
(C) Ordinary Bill
(D) Finance Bill
Answer: (D) Finance Bill
Explanation: The Finance Bill gives legislative effect to tax measures announced with the Annual Financial Statement. Tax provisions may qualify it for Money Bill treatment under Article 110, but the asked document by name is the Finance Bill accompanying annual budget proposals.
Q55. In which year was India’s First Finance Commission constituted?
[RRB Group D, 7 October 2022, Shift 2]
(A) 1949
(B) 1951
(C) 1950
(D) 1952
Answer: (B) 1951
Explanation: The First Finance Commission was constituted in 1951 with K. C. Neogy as its chairperson. Although its recommendations operated in subsequent years, its establishment preceded 1952. Article 280 created the constitutional mechanism for recurring review of Centre–State fiscal transfers.
Q54. What is a government receipt that creates no repayment claim or liability called?
[RRB Group D, 7 October 2022, Shift 1]
(A) Claimed receipt
(B) Revenue receipt
(C) Redeemable receipt
(D) Capital receipt
Answer: (B) Revenue receipt
Explanation: Revenue receipts include tax revenues and non-tax receipts such as service fees and dividends. They do not create a liability or reduce an existing asset. Borrowing receipts require future repayment, placing them instead in the capital account of the government budget.
Q53. Which budget statement evaluates growth prospects, central-government fiscal balance and the external sector?
[RRB Group D, 26 September 2022, Shift 3]
(A) Medium-Term Fiscal Policy Statement
(B) Revenue Expenditure Statement
(C) Macroeconomic Framework Statement
(D) Fiscal Policy Strategy Statement
Answer: (C) Macroeconomic Framework Statement
Explanation: The Macroeconomic Framework Statement accompanies budget documents pursuant to the FRBM framework. It discusses macroeconomic assumptions and the outlook for output, prices, fiscal position and external balance. Other fiscal statements focus more narrowly on numerical targets or stated policy strategy.
Q52. Which receipt belongs to the revenue-receipts category under Indian budget classification?
[RRB Group D, 29 September 2022, Shift 3]
(A) Government borrowing
(B) Tax receipts
(C) Recovery of earlier loans
(D) Disinvestment proceeds
Answer: (B) Tax receipts
Explanation: Tax collections are revenue receipts because they do not create repayment liabilities or dispose of government financial assets. Recovering loans reduces assets, disinvestment sells financial holdings and fresh borrowing increases liabilities; these three transactions consequently fall under capital receipts.
Q51. Which event, holding other budget items unchanged, increases the gross fiscal deficit?
[RRB Group D, 22 September 2022, Shift 3]
(A) A decrease in revenue receipts
(B) An increase in revenue receipts
(C) A reduction in foreign borrowing alone
(D) A reduction in RBI borrowing alone
Answer: (A) A decrease in revenue receipts
Explanation: Gross fiscal deficit equals total spending less revenue receipts and non-debt capital receipts. If current receipts fall while expenditure and other receipts remain constant, the gap widens. Borrowing is how the gap is financed, not a direct term in this expenditure-minus-receipts identity.
