Government Budget

CHAPTER - GOVERNMENT BUDGET AND THE ECONOMY
There are many ways in which the government influences economic life. In this chapter, we will limit
ourselves to the functions which are carried on through the government budget. This chapter proceeds as
follows. We present the components of the government budget to bring out the sources of government
revenue and avenues of government spending. We discuss the topic of balanced, surplus or deficit budget
to account for the difference between expenditures and revenue collection. It specifically deals with the
meaning of different kinds of budget deficits, their implications and the measures to contain them.
Read the e-lesson Government budget and the Economy from the textbook. Thereafter follow the
instructions and do the given assignment in the ECONOMICS Notebook
Link to the chapter:- https://ncert.nic.in/ncerts/l/leec105.pdf
BUDGET
Budget is a financial statement showing the expected receipt and expenditure of Govt. for the coming
fiscal or financial year.
Main objectives of budget are:
(i) Reallocation of resources.
(ii) Redistribution of income and wealth
(iii) Economic Stability
(iv) Management of public enterprises.
(v) Economic Growth
(vi) Generation of employment
There are two components of budget:
(a) Revenue budget
(b) Capital budget
Revenue Budget consists of revenue receipts of govt. and expenditure met from such revenue.
Capital budget consists of capital receipts and capital expenditure.
BUDGET RECEIPTS:
1. Revenue Receipts
(i) Neither creates liabilities for Govt.
(ii) Nor causes any reduction in assets.
A. Tax
a. Direct Tax - A direct tax is one whose burden cannot be shifted to others I.e. the impact and incidence
of the tax is on the same person.ex- income tax, wealth tax, gift tax.
b. Indirect Tax -An indirect tax is one whose burden can be shifted to others or the impact and incidence
of an indirect tax falls on different people. ex- excise duty, VAT, service tax.
B. Non-Tax
a. Commercial Revenue
b. Interest
c. Dividend, Profits
d. External Grants
e. Administrative Revenues
f. Fees
g. License Fee
h. Fines, Penalties
i. Cash grants-in-aid from foreign countries and international org.
2. Capital Receipts
(i) It creates liabilities or
(ii) It reduces financial assets. Example:
A. Borrowing and Other liabilities
B. Recovery of Loans
C. Other receipts(Disinvestments)
1. Revenue Expenditure
(i) Neither creates assets

(ii) Nor reduces liabilities.
e.g., Interest Payment, subsidies etc.
2.Capital Expenditure:
(i) It creates assets
(ii) It reduces liabilities.
e.g., Construction of school building Repayment of loans etc.
Budget Deficit
It refers to a situation when budget expenditure of a govt. are greater than the govt. receipts.
Budgetary Deficit: Total Expenditure > Total Receipts.

Revenue deficit: It is the excess of govt. revenue expenditure over revenue receipts.
Revenue Deficit: Total revenue expenditure > Total revenue receipts
Implications of Revenue Deficit are:
(i) A high revenue deficit shows fiscal indiscipline.
(ii) It shows wasteful expenditures of Govt. on administration.
(iii) It implies that government is dissaving, i.e. government is using up savings of other sectors of the
economy to finance its consumption expenditure.
(iv) It reduces the assets of the govt. due to disinvestment.
(v) A high revenue deficit gives a warning signal to the government to either curtail its expenditure or
increase its revenue.
Fiscal Deficit: When total expenditure exceeds total receipts excluding borrowing.
Fiscal Deficit: Total expenditures > Total Receipts excluding borrowing.
Implications of Fiscal Deficits are:
(i) It leads to inflationary pressure.
(ii) A country has to face debt trap.
(iii) It reduces future growth and development.
(iv) It increases liability of the government.
(v) It increases foreign dependence.
Primary Deficit: By deducting Interest payment from fiscal deficit we get primary deficit.
Primary Deficit: Fiscal deficit – Interest payments.
Implications of Primary Deficits are:
It indicates, how much of the government borrowings are going to meet expenses other than the interest
payments.
Measures to correct different deficits:-
(i) Monetary expansion or deficit financing.
(ii) Borrowing from public.
(iii) Disinvestment
(iv) Borrowing from international monetary institution and other countries.
(v) Lowering govt. expenditure.
(vi) Increasing govt. revenue.

ASSERTION REASON BASED MCQ
Q1. Read the following statements Assertion (A) and Reason (R). Choose one of the correct
alternatives given below.
ASSERTION (A)-Government budget is an annual estimated statement of revenue and expenditure

during the coming fiscal year.
REASON (R)- Through the government budget it tries to reduce the regional variations.
A. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion
(A).
b. Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion
(A)
C. Assertion (A) is true, but Reason (R) is false.
D. Assertion (A) is false, but Reason (R) is true.
Q2. Assertion (A) : Fiscal deficit is greater than budgetary deficit.

Reason (R) : Fiscal deficit is the borrowing from the Reserve Bank of India plus other liabilities of the
Government to meet its expenditure.
(a) Both A and R are true and R is the correct explanation of A
(b) Both A and R are true but R is not a correct explanation of A
(c) A is true but R is false
(d) A is false but R is true
Q3. Read the following statements Assertion (A) and Reason (R). Choose one of the correct alternatives
given below.
Assertion (A) : Fines and penalties are source of non tax revenue of the government. Reason
(R) : A fine of Rs. 500 was imposed on not wearing a mask.
Q4. Read the following statements Assertion (A) and Reason (R). Choose one of the correct alternatives
given below.
Assertion (A) : Income tax is the great source of revenue of the government. Reason (R) : It
is a direct tax as it's burden can't be shifted.
(d)A is false but R is true
Q5. Read the following statements Assertion (A) and Reason (R). Choose one of the correct
alternatives given below.
Assertion (A) : Highway and road work announced in Kerla, Tamilnadu, West Bengal and Assam in
budget 2021.
Reason (R) : Such announcements will increase the revenue expenditure of the government.
Q6. Assertion: The government uses fiscal instruments to improve the distribution of income
Reason: Lower taxes can be imposed on rich people and higher taxes can be imposed on poor people.
(a) Both A and R are true and R is the correct explanation of A.

(b) Both A and R are true but R is not the correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
Q7. Assertion: Equitable distribution of income is a way to social justice
Reason: Monetary policy uses the instruments of taxes and subsidy to establish equitable
Distribution
Q8. Assertion: Budget is used as an instrument to combat deflation and inflation
Reason: Budget plays a vital role in establishing economic stability
Q9. Assertion: Budget is used as an instrument an economic stability
Reason : Budget controls the level of aggregate demand
Q10. Assertion: Government initiative to increase the level of aggregate of demand by increasing money
supply in the economy
Reason : Government increase the taxation and reduced the public expenditure during the
pandemic
Q11. Assertion: International prices of crude oil are continuously falling
Reason : India subsidises domestic consumers of petroleum products
Q12. Assertion: Continuation of covid -19 pandemic will affect union budget
Reason: The Revenue expenditure of government increases
Q13. Assertion: In the process of development, construction of dams, new schools new plants, and
repayment of loans is essential
Reason: Capital expenditure creates the assets of the government and causes reduction in the
liabilities of the government
Q14. Assertion: High Fiscal deficit throws a country into the debt trap and enhances foreign
dependence.
Reason: Fiscal discipline of any country establishes the credibility of country’s creditworthiness.
Q15. Assertion: Budget is presented every year in lok sabha by finance minister of India
Reason: Monetary policy of India is prepared every quarter by the RBI
Q16. Assertion: Dividends on Investments made by government is revenue receipt
Reason: Capital receipt adds to the assets of the government
Q17. Assertion: Taxes reforms helped Indian economy to meet the fiscal target.
Reason: The government plans a significant cut in its expenditure and aiming at better tax
Compliance.
Q18. Assertion: Borrowing from the rest of the world is a capital receipt
Reason: Revenue receipt either creates liability or reduces the assets
Q19. Assertion: Fines and penalties are a source of nontax revenue for the government
Reason: A fine of Rs 500 was imposed on not wearing a mask.
Q20. Assertion: Highway and road works are announced in Kerala, Tamilnadu and West bengal in budget
2021.
Reason: Such announcement will increase the revenue expenditure of the government
Q21. Assertion: Income tax is great source of the revenue of the government
Reason: Income tax is a direct tax and the burden can be shifted.
Q22. Assertion: Fiscal deficit shows a better position of the government expenditure in
Comparison to budget deficit
Reason: Fiscal deficit means borrowings of the government.
Q23. Assertion: Strategic sale of Air India and IDBI to be completed in the fiscal year
Reason: Strategic sale leads to loss of Revenue to the government.
Q24. Assertion: The Government may borrow from RBI against its securities to meet the fiscal
deficit
Reason: Borrowing from public is better than deficit financing because it does not increase the
money supply..
Q25. Assertion: Fiscal deficit may rise but primary deficit may or may not rise
Reason: No relation between fiscal deficit and primary deficit
WEATHER THE FOLLOWING STATEMENT IS TRUE OR FALSE?
Q1.The government budget is for uncertain time period.
Q2. Government budget is a statement of actual receipts and payments of the government.
Q3. Which of the following statements is true?
A. Fiscal deficit= Revenue receipts + Capital receipts – Total Expenditure.

B. Fiscal deficit= Total Expenditure-Total Receipts other than borrowings
C. Both A and B are true.
D. Both A and B are false.
Q4. Those incomes of the government which neither create liabilities nor reduce assets of the
government are called revenue receipts.
Q5. Disinvestment means to purchase the assets of private enterprises by the government.
Q6. Which of the following statements is true?
A. Government’s expenditure on essential services like administration, justice, defense are
called non-development expenditure.
B. Government’s expenditure on constructions of roads, hospitals, buildings are called
development expenditure.
C. Both A and B are true
D. Both A and B are false
Q7. One-year period start from 1 April to 31 March of next year is called a financial year.
Q8. Budget deficit is the difference between total receipts and total expenditure.
Q9. Payment of interest is revenue expenditure.
Q10. Borrowing in government budget is fiscal deficit.
Q11. Direct tax is called direct because it is collected directly from the buyers of goods.
Q12. Which of the following statement is true or false? A
fiscal deficit:
(a) represents the borrowing of the government.
(b) is the difference between total expenditure and total receipts of the government.
the government is the difference between total expenditure and total receipts other than borrowing.
(d) increases the future liability of the government
Q13. Which of the following statement is true or false?
(a) Loans from IMF is a Revenue Receipt.
(b) Higher revenue deficit necessarily leads to higher fiscal deficit.
the government Borrowing by a government represents a situation of fiscal deficit.
(d) Revenue deficit is the excess of capital receipts over the revenue receipts.
Q14. Primary deficit is the difference between capital deficit and interest payments
Q15. Government budget is a statement of actual receipts and payments of the government.
MCQ
Q1. An annual statement of the estimated receipts and expenditure of the government over the fiscal
year is known as
(A) Budget (B) Income estimates
(C) The Government Account (D) Expenditure
Q2. Which of the following is an example of direct tax?

(A) VAT (B) Excise duty
(C) Entertainment tax (D) Wealth tax
Q3. When government spends more than it collects by way of revenue, it incurs
(A) Budget surplus (B) Budget deficit
(C) Capital expenditure (D) Revenue expenditure
Q4. Which of the following is the component of a budget?

(A) Fiscal budget (B) Capital budget
(C) Both of these (D) None of these
Q5. The amount collected by the government as taxes and duties is known as
(A) Capital receipts (B) Tax revenue receipts
(C) Non-tax revenue receipts (D) All of these
Q6. The amount collected by the government in the form of interest, fees, and dividends is
known as
(A) Tax-revenue receipts (B) Capital receipts
(C) Non-tax revenue receipts (D) None of these
Q7. Borrowing in the government budget is:

(A) Revenue deficit (B) Fiscal deficit
(C) Primary deficit (D) Deficit in taxes
Q8. The primary deficit in a government budget will be zero, when

(A) Revenue deficit is zero (B) Net interest payments are zero
(C) Fiscal deficit is zero (D) Fiscal deficit is equal to interest
payment
Q9. Which objectives government attempts to obtain by Budget

(a) To Promote Economic Development (b) Balanced Regional Development
(c) Redistribution of Income and Wealth (d) All the above
Q10. The expenditures which do not create assets for the government is called:
(a) Revenue Expenditure (b) Capital Expenditure
(c) Both (a) and (b) (d) None of the above
Q11. Which type of expenditure is made in bridge construction?

(a) Capital Expenditure (b) Revenue Expenditure
(c) Both (a) and (b) (d) None of the above
Q12. Which of the following budget is suitable for developing economies?
(a) Deficit Budget (b) Balanced Budget
(c) Surplus Budget (d) None of these
Q13. Which of the following is not a revenue receipt?

(a) Recovery of Loans (b) Foreign Grants
(c) Profits of Public Enterprise (d) Wealth Tax
Q14. Which of the following is a correct measure of the primary deficit?

(a) Fiscal deficit minus revenue deficit
(b) Revenue deficit minus interest payments
(c) Fiscal deficit minus interest payments
(d) Capital expenditure minus revenue expenditure
Q15. Which of the following are the capital receipts of the government Borrowings?
A. Borrowings B. Recovery of loans
B. C. Disinvestment D. All of these
Q16. One of the Implication of Fiscal deficit is

A. It increases the supply of money in the economy
B. It decreases the supply of money in the economy
C. It maintains the supply of money in the economy
D. It does not affect the supply of money in the economy
Q17.Another Implication of Fiscal deficit is

A. it does not affect financial burden for future generation.
B. it decreases financial burden for future generation
C. it increases financial burden for future generation
D. it maintains financial burden for future generation
Q18. Direct tax is a tax whose

A. The liability to pay lies on one and incidence lies on the other person
B. The liability to pay and incidence do not lie on the same person
C. The liability to pay and incidence do lie on the government
D. The liability to pay and incidence do lie on the same person
Q19. Indirect tax is a tax whose

A. The liability to pay and incidence do lie on the same person
B. The liability to pay lies on one and incidence lies on the other person
C. The liability to pay and incidence do lie on the government
D. The liability to pay and incidence do not lie on the same person
Q20. A deficit budget is one where

A. Estimated revenues> estimated expenditure
B. Estimated revenues< estimated Receipts of the govt.
C. Estimated revenues= estimated expenditure
D. Estimated revenues< estimated expenditure
CASE BASED QUESTIONS
1. Read the following case study carefully and answer the question given below.
One of the most distressing years by far, 2020 marked the year of a deadly pandemic that drastically
impacted health, businesses, and communities across the globe. The Indian economy also got battered
due to the subsequent lockdown which exposed gaps in the supply chain and delays in working
around the social distancing norms. Critical indicators such as de-growth in the economy, contraction
in GDP, widening of fiscal deficit, and high inflation have highlighted the severe strike on the
economy in the past year.
But as it is said, ‘There is hope after despair and many suns after darkness’, similarly, the Indian
economy has started showing signs of recovery. Faced with the daunting twin tasks of pulling back
the economy from the clutches of de-growth, a slew of fiscal and non-fiscal measures were taken
during the year to rebound the economy from the aftermath of the pandemic. This is evidenced by the
pre-budget Economic Survey’s projection of 11% growth in real GDP for 2021.
Laying a vision for AtmaNirbhar Bharat, the Hon’ble Finance Minister has rested the budget
proposals on six pillars – health and wellbeing, physical and financial capital and infrastructure,
inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and
minimum government – maximum governance.
Overall, against the backdrop of the fiscal constraints within which the Finance Minister had to
operate, the measures announced seem to be in the right direction. These measures may accelerate
overall growth along with healthcare development, consumption surge, and provide support to
infrastructure developments, if implemented in the time to come.
Q1. The substantial rise in prices are called:

A. Inflation B. Deflation
B. C. Both A and B D.None of these
Q2. ‘Atmanirbhar Bharat Abhiyaan’ support Indian Economy to fight against
A. COVID-19 B. Terrorism
B. C. Both A and B D. None of these
Q3. Fiscal deficit is shows:

A. Excess of expenditure over receipts B. Excess of receipts over expenditure
C. Expenditure equal to receipts D. None of these
Q4. The difference between real GDP and nominal GDP is the adjustment for
A. Deflation B. Inflation
C. Both A and B D. None of these
2. Read the following case study carefully and answer the question numbers given below. There
is a constitutional requirement in India (Article 112) to present before the Parliament a statement of
estimated receipts and expenditures of the government in respect of every financial year which runs
from 1 April to 31 March. This ‘Annual Financial Statement’ constitutes the main budget document
of the government.
Although the budget document relates to the receipts and expenditure of the government for a
particular financial year, the impact of it will be there in subsequent years. There is a need therefore
to have two accounts- those that relate to the current financial year only are included in the revenue
account (also called revenue budget) and those that concern the assets and liabilities of the
government into the capital account (also called capital budget). In order to understand the accounts,
it is important to first understand the objectives of the government budget.
Q1. Revenue budget do not affects:
A. Assets and liabilities B. Only assetsC.
Q2. Capital expenditure:

A. Either create assets or reduce liabilities
B. Either create liabilities or reduce assets
C. Both A and B
D. None of these
Q3. Which of the following is indirect tax?

A. Income tax B. Corporate tax
C. Wealth tax D. None of these
Q4. Who present the Union Budget in Parliament?

A. Defence minister B. Finance minister
C. Home minister D. Commerce and textile minister
Comprehensive Questions
Externalities refer to the harms (or benefits) a firm or an individual causes to another for which they
are not penalised (or paid for). Externalities may be positive or negative. For example, increase in
government’s expenditure on education of individuals can lead to broader society benefits in the form
of greater economic productivity, lower unemployment rate, greater household mobility and higher
rate of political participation.
Q1. Positive Externalities refer to the:

A. Benefits of a firm or individual B. Harms of a firm or individual
Q2. Government’s Expenditure on Education lead to:

A. Create Employment Opportunities B. Reduce Poverty
C. Economic Productivity D. All of these
Read the following article and answer the questions given below
India has scaled back expenditure, including on productive assets that aid economic growth, as the
government is confronted with the risk of its budget deficit blowing out. Capital expenditure – the
Money spent on creating, maintaining, or improving fixed assets like roads and factories- stood at 40%
of the budgeted amount in the six months to September, down from 55.5% in the year-ago Period, data
from the government's Controller General of Accounts show. The overall spending during the period
was 49% of the budget aim compared to 53% last year. That's despite prime minister Narendra Modï's
government outlining measures worth more than 21 trillion rupees ($ 281 billion) to counter the
economic and social fallout of the Covid-19 outbreak. A closer look at the numbers show the bulk of
the spending was directed toward the poor and the farmers, with crucial sectors such as coal, power,
shipping and steel receiving less than a third of their annual budget allocation. Spending on capital
assets has so far trailed the so-called revenue expenditure that includes interest payments and overheads
such as salaries, the data released last week showed.
Modi's government placed spending curbs on some ministries from April through December to
manage its cash flow.
1. A reduction in capital expenditure i.e., the money spent on creating maintaining or improving
fixed assets is done to reduce the risk of deficit (revenue/budget). (Choose the correct
alternative)
2. Allocation of resources in the budget in the six months to September 2020 is directed towards
(Choose the correct alternative)
a) economic upliftment of the economy
b) social upliftment of the economy
c) (c)the poor and the farmers
d) all of these
3. Capital expenditure refers to the estimated expenditure of the government in a fiscal year which
(reduces/increases) liabilities of the government. (Choose the correct alternative)
4. Identify which of the following statements is false: (Choose the correct alternative)
a) The government can finance its budgetary deficit through borrowings, disinvestment and deficit
financing
b) Fiscal deficit equals borrowings
c) Recovery of loans is a revenue receipt
d) Interest on loans is a non-tax revenue receipt
In the year 2016-17, the government of Philippines had a budget deficit of $ 7 billion. Its revenue from
direct and indirect taxes was not adequate to finance its spending. The Philippine government spent its
deficit on infrastructure and education which will help to boost economic growth and will reduce
unemployment. Government continued its deficit budget strategy in the year 2017-2018 also. It helped
in raising consumer's confidence. Indeed, in an international survey it was claimed that consumer
confidence in Philippines ranked highest in the world.
Average household disposable income in Philippines during 2016 was $ 6000 with S 5000 being
spent on consumption. Thus, budget deficit proved to be biggest boon for Philippines economic
growth.
Besides wages in 2016 varied between different sectors. Wages in tertiary and manufacturing sector
Were higher than primary sector. It resulted a fall of Workers in primary sectors. Moreover, the
proportion of workers in public sector was also on decline.
Central Bank of Philippines has reduced its bank rate in order to reduce rate of interest. It helped
consumers to buy more cars and other consumer durable goods. A fall in rate of interest was also
encouraging producers to invest more tor capital formation and economic
growth of the country. It has also resulted in fluctuations in the rate of inflation in different sectors of
the economy.
1. Which of following caused budget deficit in Philippines? (Choose correct alternative)

a) Excess expenditure
b) Less revenue from taxes
c) Increase in public expenditure
d) All of these.
2. Government expenditure on infrastructure and education helped in raising
3. Fiscal deficit proved to be a (boon/ bane) for Philippines economy.
4. During the year 2016-17, budget deficit in Philippines was to the extent of
a) $ 7 Billions
b) S 10 Billion
c) $ 70 Billions
d) None of these
Public expenditure has a typical nature of its spending Government plans its annual pending first and
then its financing is planned. Whatever excess of annual expenditure is found over annual financing is
known as 'Revenue deficit'. Such a deficit does not create any borrowing burden upon the economy.
But when Capital expenditure is in excess of Capital receipts, it creates the burden of borrowing upon
the economic system. Technically it is known as fiscal deficit. A constant rise in fiscal deficit is worry
some for Economists as it becomes inflationary and creates unequal distribution of income.
Economists, therefore set a maximum limit of 3% of GDP as fiscal deficits for the developing
countries.
We must note that the borrowing requirement of the government includes interest obligation on
accumulated debts. To obtain an estimate of borrowing on account of current expenditures exceeding
revenues, we need to calculate what has been called the primary deficit. It is simply fiscal deficit minus
interest payment. The main goal of calculating primary deficit is to focus on present fiscal-imbalances.
1. Which of following is the benefits of fiscal deficit

a) creates inflationary pressure
b) promotes capital formation
c) creates borrowing burden
d) none of these
2. Which of following is the demerit of fiscal deficit?
a) Inflationary
b) Creates inequalities of distribution of income
c) Promotes borrowing burden
d) All of these.

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CHAPTER - GOVERNMENT BUDGET AND THE ECONOMY

Main objectives of budget are:

(i) Reallocation of resources.

(ii) Redistribution of income and wealth

(iii) Economic Stability

(iv) Management of public enterprises.

(v) Economic Growth

(vi) Generation of employment

There are two components of budget:

(a) Revenue budget

(b) Capital budget

(i) Neither creates liabilities for Govt.

(ii) Nor causes any reduction in assets.

(i) It creates liabilities or

(ii) It reduces financial assets. Example:

A. Borrowing and Other liabilities

(i) Neither creates assets

e.g., Interest Payment, subsidies etc.

(i) It creates assets

(ii) It reduces liabilities.

e.g., Construction of school building Repayment of loans etc.

Budgetary Deficit: Total Expenditure > Total Receipts.

Fiscal Deficit: Total expenditures > Total Receipts excluding borrowing.

Implications of Fiscal Deficits are:

(i) It leads to inflationary pressure.

(ii) A country has to face debt trap.

(iii) It reduces future growth and development.

(iv) It increases liability of the government.

(v) It increases foreign dependence.

Primary Deficit: Fiscal deficit – Interest payments.

Implications of Primary Deficits are:

Measures to correct different deficits:-

(i) Monetary expansion or deficit financing.

(ii) Borrowing from public.

(iv) Borrowing from international monetary institution and other countries.

(v) Lowering govt. expenditure.

(vi) Increasing govt. revenue.

ASSERTION (A)-Government budget is an annual estimated statement of revenue and expenditure

Q2. Assertion (A) : Fiscal deficit is greater than budgetary deficit.

(a) Both A and R are true and R is the correct explanation of A.

A. Fiscal deficit= Revenue receipts + Capital receipts – Total Expenditure.

Q2. Which of the following is an example of direct tax?

Q4. Which of the following is the component of a budget?

Q7. Borrowing in the government budget is:

Q8. The primary deficit in a government budget will be zero, when

Q9. Which objectives government attempts to obtain by Budget

Q11. Which type of expenditure is made in bridge construction?

Q13. Which of the following is not a revenue receipt?

Q14. Which of the following is a correct measure of the primary deficit?

Q16. One of the Implication of Fiscal deficit is

Q17.Another Implication of Fiscal deficit is

Q18. Direct tax is a tax whose

Q19. Indirect tax is a tax whose

Q20. A deficit budget is one where

Q1. The substantial rise in prices are called:

Q2. ‘Atmanirbhar Bharat Abhiyaan’ support Indian Economy to fight against

Q3. Fiscal deficit is shows:

Q2. Capital expenditure:

Q3. Which of the following is indirect tax?