Which of the following is a major source of revenue for the Central Government of India? MCQ with Answer and Explanation

Which of the following is a major source of revenue for the Central Government of India?
A. Corporation tax, income tax and GST (central share)
B. Only state GST
C. Only property tax
D. Only professional tax
Answer: Option A
Solution (By JKSSB Mock Tests)
Major sources of central government revenue include corporation tax, personal income tax, and the central share of GST, along with customs and other duties.

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Practice More Economy Set 1 Questions

Question #1
The 'currency swap' between two central banks is:
A. permanent exchange of currencies
B. a loan of domestic currency against foreign currency with an agreement to reverse later
C. import of goods
D. purchase of gold

Correct Answer: Option B


Explanation:
A currency swap is a temporary exchange of currencies between central banks to provide liquidity.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'National Income Committee' was chaired by:
A. C.R. Krishnaswamy
B. P.C. Mahalanobis
C. D.R. Gadgil
D. V.K.R.V. Rao

Correct Answer: Option B


Explanation:
The National Income Committee was chaired by P.C. Mahalanobis.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'Jal Jeevan Mission' aims to provide tap water to rural households by:
A. 2024
B. 2022
C. 2025
D. 2030

Correct Answer: Option A


Explanation:
Jal Jeevan Mission aims to provide tap water to all rural households by 2024.

This question belongs to: Economy GK Economy Set 1