QUESTION

Medium

Indian Polity

Prelims 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:

Select an option to attempt

Explanation

The Consolidated Fund of India is the most important of all government accounts.

This fund was constituted under Article 266 (1) of the Constitution of India. All revenues received by the government by way of direct taxes and indirect taxes, money borrowed and receipts from loans given by the government flow into the Consolidated Fund of India.

All government expenditure is made from this fund, except for some items which are met from the Contingency Fund or the Public Account.

Trusted by 2L aspirants