CA Foundation · Paper 4 · 75 Questions · 3 Levels
Core concepts — Musgrave three-branch taxonomy, allocation, redistribution, stabilization functions, market failures, public goods, merit goods, demerit goods, macroeconomic goals.
Applied reasoning — fiscal federalism, Centre vs State tax powers, Finance Commission, Article 246, constitutional provisions, GST (CGST/SGST/IGST), divisible pool, vertical and horizontal equity.
Exam-level — tricky application of all three fiscal functions, 15th Finance Commission criteria and percentages, GST compensation, allocation instruments, fiscal policy vs monetary policy, stabilization tools.
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