Previous year MCQs

Economy UPPSC 1998 GS-I
Question

Which among the following are the sources of current revenue for the Central Govt?

I. Corporate Tax
II. Profit from Public Enterprises
III. Sale of National Savings Certificates
IV. Loans received from the World Bank
V. Excise duties

Select the correct answer from the codes given below:
Codes:

Answer & Solution

Answer: (Detailed Solution Below)

Option D: I, II and V

Detailed Solution:

The correct answer is “I, II and V”.
The correct sources of current revenue are:

1) Corporate Tax (I)
2) Profit from Public Enterprises (II)
3) Excise Duties (V)

1) Corporate Tax is a direct tax levied on the profits of companies. It is a primary source of revenue for the central government.

2) Profit from Public Enterprises is also a revenue source for the government as it owns and operates many public sector undertakings.

3) Sale of National Savings Certificates also generates income, but it is considered a capital receipt, not a current revenue.

4) Loans received from the World Bank is also a capital receipt, not a current revenue source.

5) Excise duties, which are taxes on the production and sale of goods, are a source of current revenue for the Central Government.

Similar Questions:

Which among the following organisations are responsible for canalising export and import of India?

I. Mineral and Metal Trading Corporation
II. Exim Bank
III. State Trading Corporation
IV. Food Corporation of India

Select the correct answer from the code given below:

Code:
  1. A) I, II, III, and IV
  2. B) II and IV
  3. C) I and III
  4. D) II, III and IV
Which number should come in the middle of the second triangle? Select the correct answer from the codes given below: Codes:
  1. A) 25
  2. B) 47
  3. C) 37
  4. D) 41
The circumference of a circle shown in the above figure is:
  1. A) 4 √2Π
  2. B) 8 √2Π
  3. C) 8Π
  4. D) 16Π
The most common measure of estimating inflation in India is
  1. A) Price Index
  2. B) Wholesale Price Index
  3. C) Consumer Price Index
  4. D) Price Index of Industrial Goods
Given below are two statements:

Assertion (A): The dividing line between village and town begins to be passed with the presence of traders and manufacturers.
Reason (R): The traders and manufacturers wholly depend on village resources.

In the context of the above, which one of the following is correct?
  1. A) Both (A) and (R) arc true and (R) is the correct explanation of (A)
  2. B) Both (A) and (R) arc true, but (R) is not the correct explanation of (A)
  3. C) (A) is true, but (R) is false
  4. D) (A) is false, hut (R) is true
Which of the following is an indirect tax?
  1. A) Income tax
  2. B) Death tax
  3. C) Expenditure tax
  4. D) Sales tax
The promoter of National Stock Exchange of India is:
  1. A) State Bank of India
  2. B) LIC and GIC
  3. C) IDBI
  4. D) All the above
The concept of judicial review in India has been adopted from the constitution of
  1. A) U.K.
  2. B) U.S.A.
  3. C) U.S.S.R.
  4. D) Australia
The palaeomagnetic evidence indicates that in the past the Indian landmass has moved:
  1. A) northward
  2. B) sourthward
  3. C) eastward
  4. D) westward
Consider the following statements:

Assertion(A): After campaigning for nearly two years, Alexander, The Great, left India in 325 B.C.
Reason (R): He was defeated by Chandra Gupta Maurya.

Now, select the correct answer from the codes given below:
Codes:
  1. A) Both A and R are true and R is the correct explanation of A
  2. B) Both A and R are true but R is NOT the correct explanation of A
  3. C) A is true but R is false
  4. D) A is false but R is true
The position of India in worlds textile export is:
  1. A) First
  2. B) Second
  3. C) Third
  4. D) Fourth
The number of persons who remained unemployed for a major part of the year is called:
  1. A) Usual status unemployment
  2. B) Daily status unemployment
  3. C) Weekly status unemployment
  4. D) None of the above