Answer: Option B. -> Both (i) & (ii)
Answer: (b)
GST has led to a reduction in the number of taxes and now the same tax rate is applicable across all the countries on all goods and services. This is called the harmonization of taxes.
On exports, Govt credits back the GST paid to suppliers and hence effectively there is no GST on exports which is also called zero-rated.

Answer: Option B. -> Stamp Duties
Answer: (b)As mention in article 268 of Indian Constitution, Stamp Duties are mentioned in the Union List shall be levied by the Government of India but collected and appropriated by the States.

Answer: Option C. -> (i) only
Answer: (c)
For the year 2019-20, States and UTs (government) combined expenditure was Rs. 37.7 lakh crore and Central government expenditure were around Rs. 27 lakh crores.
So, States and UT combined expenditure is around 1.4 times of Centre and States and UTs combined borrowing for 2019-20 is around Rs. 5.52 lakh crore (2.6% of GDP), while Centres borrowing for 2019-20 is around Rs. 7.7 lakh crore (3.8% of GDP).

Answer: Option B. -> (i), (iii) & (iv) only
Answer: (b)
The Public Finance Management System (PFMS) comes under the office of Controller General of Accounts, Ministry of Finance. It is an end-to-end online solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.
The Centre has integrated the treasuries of almost all states into the PFMS to track fund utilization up to the last mile as well as transfer funds “just-in-time” for central schemes.
Integration of State treasuries has virtually wiped out the indefinite parking of central funds at the state level.

Answer: Option C. -> Corporation Tax
Answer: (c)

Answer: Option C. -> (i) & (iii) only
Answer: (c)
Here, budget deficit means fiscal deficit. Rationalization of subsidies means reducing leakages and wastages in subsidies.

Answer: Option B. -> reduce the burden of subsidies given to the oil companies
Answer: (b)
The sharp decline in the crude oil price helped the government to deregulate the price of diesel and thus reduce a huge burden of subsidy on the exchequer.
India if not a producing giant, is certainly a refining hub where it refines and markets around 220 metric million tonnes of petroleum products.
Out of this, around 160 MMT is used for domestic consumption while the rest is used for exports. Therefore, the drop in the price of oil will be a blessing for the Indian refineries and the oil marketing companies.

Answer: Option D. -> All of the above
Answer: (d)
Integrated GST (IGST) is levied by the Centre on inter-state supply of goods and services and on imports and exports (on exports effectively there is no tax) of goods and services.
The IGST rate is equal to CGST and the SGST/UTGST rate. The tax revenue is shared equally among the Centre and the consuming State/UT.

Answer: Option B. -> Both (i) & (ii)
Answer: (b)
If you have purchased shares/equity of a company then it is the liability of the company towards you.
India’s external liabilities include all the investments made in India either in the form of debt or equity. So, it will include everything FDI, FPI (debt and equity both), External Commercial Borrowing, Govt. of India borrowings from abroad, NRI deposits in India.
Total external liabilities are around 41% of GDP, in which both debt and equity are around equally distributed.

Answer: Option C. -> (i) only
Answer: (c)
When government incurs a fiscal deficit, the expenditure leads to an increase in total demand in the economy.
RBI is not allowed to lend to Government for the long term fiscal deficit bonds as per the FRBM Act 2003.