MCQs
Total Questions : 163
| Page 2 of 17 pages
Answer: Option D. -> All of the above
Answer: (d)
As per the FRBM Act 2003, Central Government debt includes the following:
Total outstanding liabilities of the Central Government on the security of Consolidated Fund of India, including external debt. (This is also called Public Debt)
The outstanding liabilities in the Public Account of India
Such financial liabilities of any corporate or other entity owned or controlled by the Central Government, which the government is to repay or service from the Annual Financial Statement.
(This is also called off-budget liabilities, explained later)
Answer: (d)
As per the FRBM Act 2003, Central Government debt includes the following:
Total outstanding liabilities of the Central Government on the security of Consolidated Fund of India, including external debt. (This is also called Public Debt)
The outstanding liabilities in the Public Account of India
Such financial liabilities of any corporate or other entity owned or controlled by the Central Government, which the government is to repay or service from the Annual Financial Statement.
(This is also called off-budget liabilities, explained later)
Answer: Option B. -> Income tax
Answer: (b)
Roughly 80% comes from the individual income tax and the payroll taxes that fund the social insurance programmes.
Another 11% comes from corporate income tax and the rest is a form of a mixed course.
Answer: (b)
Roughly 80% comes from the individual income tax and the payroll taxes that fund the social insurance programmes.
Another 11% comes from corporate income tax and the rest is a form of a mixed course.
Question 13. Consider the following statements in regard to the Goods and Service Tax:
Which of the above statements is/are correct?
- The GST shall have two components: one levied by the centre, and the other levied by the states.
- The central GST and state GST are to be paid to the joint accounts of the centre and the states.
- While the imports would be zero-rated, the exports would be subjected to the GST.
Which of the above statements is/are correct?
Answer: Option B. -> 1 only
Answer: (b)
The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments.
India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively.
Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
Answer: (b)
The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments.
India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively.
Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
Answer: Option D. -> Toll Tax
Answer: (d)Toll Taxes is one the main Sources of revenue for State Governments. It is not levied by Govt. of India.
Answer: (d)Toll Taxes is one the main Sources of revenue for State Governments. It is not levied by Govt. of India.
Answer: Option B. -> proof of address
Answer: (b)
Permanent Account Number (PAN)card is a unique alphanumeric combination. It is issued by the Indian Income Tax Department. It serves as an important ID proof, date of birth proof and proof of taxpayer.
However, it can’t be used for the purpose of address proof, as the address is not mentioned on the PAN card.
Answer: (b)
Permanent Account Number (PAN)card is a unique alphanumeric combination. It is issued by the Indian Income Tax Department. It serves as an important ID proof, date of birth proof and proof of taxpayer.
However, it can’t be used for the purpose of address proof, as the address is not mentioned on the PAN card.
Answer: Option A. -> Kaldor
Answer: (a)
Answer: (a)
Answer: Option D. -> All of the above
Answer: (d)
Answer: (d)
Answer: Option B. -> Both (i) & (ii)
Answer: (b)
In the case of Sovereign Gold Bonds, the government issues/creates the gold bond and in return, it gets money from the public.
This money will come under capital receipt because the gold bond is a kind of liability for the govt. which the govt. must pay in future. Principal payment will come under capital expenditure and interest payment will come under revenue expenditure.
The physical gold which the govt. receives from the pubic in case of gold monetization scheme becomes a liability for the govt. (in return for the physical gold, govt issues a paper which is basically liability for the govt.) which the govt. will have to pay in future either in physical gold form or in cash.
Answer: (b)
In the case of Sovereign Gold Bonds, the government issues/creates the gold bond and in return, it gets money from the public.
This money will come under capital receipt because the gold bond is a kind of liability for the govt. which the govt. must pay in future. Principal payment will come under capital expenditure and interest payment will come under revenue expenditure.
The physical gold which the govt. receives from the pubic in case of gold monetization scheme becomes a liability for the govt. (in return for the physical gold, govt issues a paper which is basically liability for the govt.) which the govt. will have to pay in future either in physical gold form or in cash.
Answer: Option D. -> Neither 1 nor 2
Answer: (d)From the official Economic Survey 2014-15, we get following data If we go only by the strict interpretation of above graph then answer should be “D”
Answer: (d)From the official Economic Survey 2014-15, we get following data If we go only by the strict interpretation of above graph then answer should be “D”
Question 20. Which of the following best explains the cascading effect of taxation?
- When tax imposition leads to a disproportionate increase in prices by an extent more than the rise in the tax.
- When tax imposition leads to a disproportionate decrease in prices by an extent more than the rise in the tax.
- When tax imposition leads to a disproportionate decrease in imports.
- When tax imposition leads to a disproportionate decrease in exports.
Answer: Option B. -> 1 only
Answer: (b)
“Taxation over taxes” or “cascading-effect” of the taxes adds to the deadweight loss i.e. slump in total surplus of a supply chain consisting of the supplier, manufacturer, retailer and consumer.
Due to cascading tax imposition leads to a disproportionate increase in prices by an extent more than the rise in the tax.
Answer: (b)
“Taxation over taxes” or “cascading-effect” of the taxes adds to the deadweight loss i.e. slump in total surplus of a supply chain consisting of the supplier, manufacturer, retailer and consumer.
Due to cascading tax imposition leads to a disproportionate increase in prices by an extent more than the rise in the tax.
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