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February 2, 2017

GS Test-12-Indian Economy-Indian Public Finance

Welcome to your Indian Economy Daily Test-12-Indian Public Finance

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1) Which one of the following Acts is going to be replaced by the Direct Taxes Code (DTC) in India?
2) In India. The tax proceeds of which one of the following as a% of gross tax revenue has significantly declined in the last five year?
3) Inflation is caused by
4) Consider the following statements
1.Revenue budget deals with receipts from taxation and non-tax sources and the expenditure met out from these sources.
2.Net recoveries of loans and advances to sates and public sector enterprises form the revenue receipts of the government.
Which of the statements given above is/are correct?
5) Consider the following actions by the Government
1.Cutting the tax rates.
2.Increasing the government spending.
3.Abolishing the subsidies.
Which of the statements given above is/are correct?
6) Consider the following statements
1.The proceed of personal income tax is shared between the Central and State Governments.
2.The proceeds of the central excise duty is not shared between the Central and state Governments.
Which or the statements given above is/are correct?
7) Which one of the following was not stipulated in the Fiscal Responsibility and Budget Management Act, 2003?
8) Which of the following statements appropriately describes the ‘fiscal Stimulus’?
9) Minimum Alternate Tax (MAT) is imposed by the Indian Government in addition to which one of the following tax?
10) Which of the following Mahatama Gandhi series of currency note issued by the RBI has ‘ecology’ depicted on it?
11) A rapid increase in the rate of inflation is sometimes attributed to the ‘Base Effect’. What is Base Effect?
12) MODVAT is different from VAT in the sense that
1.Under MODVAT, tax is levied only on value addition while under VAT, excise is imposed on final value and then rebate is given on inputs.
2.MODVAT is only at the production stage while VAT extends both to production and distribution stage.
3.Under MODVAT, excise is levied on final value and then rebate is given on inputs while under VAT, tax is levied only on value addition.
4.MODVAT implies rationalization of excise duty only while VAT implies rationalization of excise sales and turnover taxes etc also.
Which of the statements given above is/are correct?
13) Which of the following is /are among the noticeable features of the recommendations of the Thirteenth Finance Commission?
1. A design for the Goods and Services Tax, and a compensation package linked to adherence to the proposed design.
2. A design for the creation of lakhs of jobs in the next ten years in consonance with India’s demographic dividend.
3. Devolution of a specified share of central taxes to local bodies as grants.
Select the correct answer using the codes given below
14) The basis of determining dearness allowance (DA) to govermentemployees in India is
15) Which one of the following forms the important receipts of the Capital Budget?
16) Human Development Index comprises literacy rates, life expectancy at birth and
17) Which one the following was the chairman of the committee on pricing and taxation of petroleum products?
18) Consider the following
1.Fringe Benefit Tax
2.Interest Tax
3.Securities Transaction Tax
Which of the mentioned above is/are Direct tax/taxes?
19) Consider the following taxes
1.Sales tax
2.Value-added tax
3.Property tax
Which of the taxes given above is/are Ad valorem tax/taxes?
20) The kelkar proposals which are in the news recently were the
21) Which from the followings is NOT true when the interest rate in the economy goes up?
22) In India, deficit financing is used for raising resources for
23) Fiscal deficit in the Union Budget means
24) Which among the following is/are true?
1.Deficit financing does not lead to inflation if adopted in small doses.
2.Deficit financing is an often used tool for financing budgetary deficits.
Select the correct answer using the codes given below
25) Which committee recommended abolition of tax rebates under section 88?
26) Consider the following taxes
1.Corporation tax
2.Customs duty
3.Wealth tax
4.Excise duty
Which of the statements given above is/are indirect taxes?
27) Fiscal deficit in the budget means
28) Value-added tax is
29) Match list I with list II and select the correct answer using the codes given below the list
List I List II
A. Income Tax 1. Levied and collected by the central Government
B. Corporation Tax 2. Levied and collected by the central Government and shared by the state Government
C. Professional Tax 3. Levied by the central Government but collected and appropriated by the State Government
D. Stamp Duties 4. Levied and collected by the State governments
Codes

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