The question (15 marks)
Classify the taxes levied in India and describe the sources of public revenue. Explain the classification of public expenditure and the four deficit measures, and state what each deficit tells you. (15 marks)
Standing MU question on Module 3 heads 4, 5 and 6. Built from chapters 17 and 18 and worked examples 2 and 12.
Plan your answer on paper before you look at the authorities — issue first, then the rule, then apply it to these facts.
It tests Unit 3 · Financial Markets and Fiscal System of Economics.
Authorities you will need
- Constitution of India, Articles 150, 265, 266 and 267
- Budget at a Glance 2026-2027 (Ministry of Finance) and the Budget key to documents
How an answer is marked
A full-marks answer names the issue in one line, states the rule with its section, cites the authority, applies it to these facts and concludes — in that order. The app's model answer for this question is written in exactly that shape, with a checklist to mark your own attempt against.