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Indian Economy Test 61

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Indian Economy Test 61
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Service tax in India was introduced in the year
  • Question 2
    1 / -0
    Select the correct statement/ statements related to the Central Sales Tax (CST) and the VAT (Value Added Tax) from the list given below, using the codes
    1. CST is a destination based tax of the centre while VAT is an origin based tax of the states.
    2. CST is inconsistent with the VAT .
    3. CST is a cascading type tax not rebatable against the VAT. 
    Codes 
  • Question 3
    1 / -0
    Which one among the following is not a source of tax revenue for the central government in India ?
    Solution
    Motor Vehicle tax is not a source of tax revenue for the Central Government in India. It is type of revenue part of State tax.
    + Solution
  • Question 4
    1 / -0
    Which of the following is not matched correctly.
    Solution
    The World economic outlook report is a survey conducted and published by International Monetary Fund (IMF). It is published biannually and partly updated two times a year. It portrays the world economy in the near and medium context, with growth projections for up to four years into the future. forecasts include key macroeconomic indicators, such as GDP, inflation, fiscal balance and current account of more than 180 countries around the globe. It also deals with major economic policy issues.
  • Question 5
    1 / -0
    Consider the following statements about India and Bangladesh Highway Link Project
    1. Bangladesh agreed to start the construction of a highway that link to Kolkata.
    2. The highway will connect the North-Eastern states with port city of Kolkata.
    3. The project is financed by the Asian Development Bank.
    4. The project is part of the larger Asian Highway network project connecting the Asian nation.
    Which of the statements given above are correct?

  • Question 6
    1 / -0
    Consider the following about Shah Commission.
    $$1$$. It inquired into all the excesses committed in the Indian Emergency $$(1975-77)$$.
    $$2$$. It was headed by Justice JC Shah.
    $$3$$. It is a Constitutional Body.
    Which of the statements given is/are true?
    Solution
    Shah Commission was a commission of inquiry appointed by Government of India in 1977 to inquire into all the excesses committed in the Indian Emergency (1975 - 77). It was headed by Justice J.C. Shah, a former Chief Justice of India. It was not a Constitutional Body. So only statements 1 and 2 are correct.
  • Question 7
    1 / -0
    Consider the following statement regarding $$14$$th finance commission.
    $$1$$. It was headed by Y. V. Reddy.
    $$2$$. It has increased the share of state from divisible pool of tax to $$42\%$$.
    $$3$$. It has recommended distribution of grants to state for local bodies using $$2011$$ population data with weight of $$90\%$$ and area with weight of $$10\%$$.
    Choose the correct option.
    Solution
    The 14th Finance Commission was constituted in January 2014. The Commission's chairman was former RBI governor Y. V. Reddy and its members were Sushma Nath, M. Govinda Rao, Abhijit Sen and Sudipto Mundle. The government has accepted FC’s recommendation to increase the devolution of tax receipts from the centre to the states to 42 percent. FC also recommended the distribution of grants of Rs 2 .88 lakh crore to states for strengthening duly elected gram panchayats and municipal bodies for five years. All the given statements are true here.
  • Question 8
    1 / -0
    Consider the following about Expert Group for Revamp of Power Sector.
    $$1$$. The expert group headed by Planning Commission member (Energy) BK Chaturvedi.
    $$2$$. The group was entrusted with the responsibility to make an assessment of the cumulative losses of distribution utilities of seven major states, including Uttar Pradesh, Tamil Nadu and Rajasthan.
    Which of the statements given is/are true?
  • Question 9
    1 / -0
    Better Life Index is released by ______.
    Solution
    The mission of the Organisation for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world. The Better Life Index by OECD is designed to let people visualise and compare some of the key factors like education, housing, environment, and so on that contribute to well-being in OECD countries. It’s an interactive tool that allows people to see how countries perform according to the importance they give to particular topics that make for a better life.
  • Question 10
    1 / -0
    The Rural Landless Employment Guarantee Programme (RLEGP) is an extension of:
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