UPSC PYQ - 2011 All revenues received by the Union Government | Deepak UPSC Notes

UPSC PYQ - 2011

All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the?

A) Contingency Fund of India
B) Public Account
C) Consolidated Fund of India
D) Deposits and Advances Fund


Answer :-

Answer is C.

Consolidated Fund

It was constituted under Article 266 (1)of the Constitution of India.

It is made up of:

All revenues received by the Government by way of taxes(Income Tax, Central Excise, Customs and other receipts) and all non-tax revenues.

All loans raised by the Government by issue of Public notifications, treasury bills (internal debt) and from foreign governments and international institutions (external debt).

All government expenditures are incurred from this fund and no amount can be withdrawn from the Fund without authorization from the Parliament.

Each state can have its own Consolidated Fund of the state with similar provisions.

The Comptroller and Auditor General of India audits the fund and reports to the relevant legislatures on the management