The 'non-plan expenditure' and 'plan expenditure' classification in the budget was removed from which financial year? MCQ with Answer and Explanation

Question
The 'non-plan expenditure' and 'plan expenditure' classification in the budget was removed from which financial year?
A. 2020-21
B. 2015-16
C. 2018-19
D. 2017-18
Answer: Option D
Solution (By JKSSB Mock Tests)
The plan/non-plan expenditure classification was removed from the 2017-18 budget.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'Composition Scheme' under GST is available for goods suppliers with turnover up to:
A. Rs 5 crore
B. Rs 10 crore
C. Rs 1.5 crore
D. Rs 40 lakh
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Correct Answer: Option C

Explanation:
Composition scheme for goods is available up to Rs 1.5 crore.
This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Current Account Deficit' indicates:
A. Excess of government expenditure over revenue
B. Excess of imports of goods and services over exports
C. Excess of capital inflows over outflows
D. Surplus in the overall balance of payments
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Correct Answer: Option B

Explanation:
Current Account Deficit occurs when the value of imports of goods, services and transfers exceeds the value of exports of goods, services and transfers.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' was implemented in India from which date?
A. 1 April 2016
B. 1 July 2017
C. 1 April 2017
D. 1 January 2017
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Correct Answer: Option B

Explanation:
GST was implemented on 1 July 2017.
This question belongs to: Economy GK Economy Set 1
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