UPSC Economics Business and Foreign Trade / व्यापार और विदेश व्यापार Question Bank

done Digital Economy and GST & Economic Survey - 2017 Total Questions - 62

• question_answer1)
  According to various sources before demonetisation what was the total percentage of 500 and 1000 notes in the total currency?
  A)
  30%    done clear
  B)
  50% done clear
  C)
  43%                              done clear
  D)
  86% done clear
  View Solution play_arrow

• question_answer2)
        In India for the first time demonetisation was announced in which year?
  A)
  1974                             done clear
  B)
  1962 done clear
  C)
  1946                 done clear
  D)
  1999 done clear
  View Solution play_arrow

• question_answer3)
        Which of the following best defines demonetization of currency notes?
  A)
  Devaluing the currency with respect to international currencies done clear
  B)
  Declaring the currency notes as NOT legal tender done clear
  C)
  Replacing the old and soiled currency notes done clear
  D)
  Replacing notes with coins done clear
  View Solution play_arrow

• question_answer4)
        Name the country that in December 2016 demonetized its biggest banknotes.
  A)
  Venezuela                      done clear
  B)
  Zimbabwe done clear
  C)
  Cuba                 done clear
  D)
  Nigeria done clear
  View Solution play_arrow

• question_answer5)
  RBI on December 4, 2016 announced to issue new Rs. 20 and Rs. 50 notes to ease the currency crunch due to demonetization decision. Which of the following statements is true?
  A)
  The old notes of Rs. 20 and Rs. 50 will no more remain legal tender after introduction of new notes done clear
  B)
  The new notes will have the signature of RBI Governor Raghu Ram Rajan done clear
  C)
  The year '2016' will be printed on the reverse of the banknotes. done clear
  D)
  The new Rs. 20 notes will have the inset letter 'R' in both the number panels. done clear
  View Solution play_arrow

• question_answer6)
  Article 293 (3) of the Constitution is tool in the hands of centre to check fiscal deterioration on part of states. What is Article 293 (3)?
  A)
  States must take consent of the Centre for additional borrowing done clear
  B)
  States must reduce their fiscal expenditure on Centre's instructions done clear
  C)
  Centre may introduce financial emergency in state to check deteriorating financial situation done clear
  D)
  Centre may raise interest rates on loans given to states done clear
  View Solution play_arrow

• question_answer7)
        According to the Economic Survey, what are pre requisites to Universal Basic Income:
  A)
  JAM: Jan Dhan, Aadhar and Mobile done clear
  B)
  Centre-state negotiations for program cost sharing done clear
  C)
  Both of the above done clear
  D)
  Neither of the above done clear
  View Solution play_arrow

• question_answer8)
        As per Economic survey, what is twin balance sheet problem?
  A)
  overleveraged companies and bad-loan encumbered banks done clear
  B)
  underleveraged companies and bad-loan-encumbered banks done clear
  C)
  underleveraged   government   and   bad-loan encumbered banks done clear
  D)
  overleveraged economy and bad-loan-encumbered banks done clear
  View Solution play_arrow

• question_answer9)
        Which state became the first to ratify The Constitution (122nd Amendment) (GST) Bill, 2014?
  A)
  Karnataka                      done clear
  B)
  Assam done clear
  C)
  Maharashtra       done clear
  D)
  Nagaland done clear
  View Solution play_arrow

• question_answer10)
  Name the Bill which has been passed by the Rajya Sabha on August 3.
  A)
  Goods and Services Tax (GST) Constitutional Amendment Bill done clear
  B)
  Women's Reservation Bill done clear
  C)
  Foreign Exchange Management Act done clear
  D)
  Fiscal Responsibility and Budget Management Act done clear
  View Solution play_arrow

• question_answer11)
        The Economic Survey, prepared by:
  A)
  Arvind Subramanian done clear
  B)
  Arun jaitely done clear
  C)
  Jayant Sinha done clear
  D)
  All of these done clear
  View Solution play_arrow

• question_answer12)
        The Economic Survey enumerated three downside risks. Which one is not among them?
  A)
  Oil prices rise would increase the drag from consumption done clear
  B)
  options a) and c) done clear
  C)
  turmoil in global could worsen the outlook of exports. done clear
  D)
  Subsidy in LPG will hampered the Growth done clear
  View Solution play_arrow

• question_answer13)
        To infuse capital in state-run banks what Government is planning to do?
  A)
  To sell off Non-Financial Companies done clear
  B)
  To reduce its shares from Banks done clear
  C)
  To sell Government Securities done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer14)
        Which article spells formation of GST Council?
  A)
  270                               done clear
  B)
  246A (2) done clear
  C)
  269A (1)            done clear
  D)
  279A done clear
  View Solution play_arrow

• question_answer15)
  Which state government has launched mobile App "Mera Hunar" for job aspirants?
  A)
  Andhra Pradesh              done clear
  B)
  Assam done clear
  C)
  Himachal Pradesh done clear
  D)
  Kerala done clear
  View Solution play_arrow

• question_answer16)
  Which bank has launched India's first Artificial Intelligence (AI)-based banking chatbot "Electronic Virtual Assistant (EVA)" for customer service?
  A)
  ICICI Bank                    done clear
  B)
  HDFC Bank done clear
  C)
  Axis Bank         done clear
  D)
  SBI done clear
  View Solution play_arrow

• question_answer17)
        Which public sector bank has launched mobile wallet "Bataua" for digital payments?
  A)
  Oriental Bank of Commerce (OBC) done clear
  B)
  Punjab National Bank (PNB) done clear
  C)
  Canara Bank done clear
  D)
  Central Bank of India (CBI) done clear
  View Solution play_arrow

• question_answer18)
  The Andhra Pradesh government has signed MoU with which payment network company to transform Vishakhapatnam into India's first 'less cash' city?
  A)
  MasterCard done clear
  B)
  National Payments Corporation of India (NPCI) done clear
  C)
  American Express done clear
  D)
  Visa done clear
  View Solution play_arrow

• question_answer19)
        Which bank has become the India's first bank to launch Aadhaar Pay service for merchants?
  A)
  ICICI Bank                    done clear
  B)
  HDFC Bank done clear
  C)
  Axis Bank                      done clear
  D)
  IDFC Bank done clear
  View Solution play_arrow

• question_answer20)
        Economic Survey 2016-17 enlisted eight interesting facts about India. Which of the following is not among them?
  A)
  Annual work-related migration of about 9 million people done clear
  B)
  The districts accounting for the poorest 40 % receive 29% of the total funding. done clear
  C)
  India has 7 taxpayers for every 100 voters done clear
  D)
  Rural development gets highest possible allocation of public funds done clear
  View Solution play_arrow

• question_answer21)
  A chapter of Economic Survey 2017-18 has been specifically devoted to-
  A)
  Agriculture and Rural Development done clear
  B)
  Clothes and shoes done clear
  C)
  Sun Rising Industries done clear
  D)
  Infrastructure done clear
  View Solution play_arrow

• question_answer22)
  In the transition of Indian economy from 'cash economy' to 'cashless economy', which of the following is playing a vital role?
  A)
  Mobile Phone done clear
  B)
  Plastic money done clear
  C)
  BHIM App                     done clear
  D)
  Online banking done clear
  View Solution play_arrow

• question_answer23)
        In the post 'Brexit' and emergence of Donald Trump in US, which of the following phenomenon is most likely to affect the global economy?
  A)
  Deglobalisation done clear
  B)
  Protectionism done clear
  C)
  Banning entry of Muslims into certain countries done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer24)
        The most notable feature of tax revenue generation during 2016- 17 has been the over-performance (even relative to budget estimates) of excise duties. Which of the following phenomenon is responsible for this?
  A)
  Buoyant petroleum consumption done clear
  B)
  Increase in manufacturing activities done clear
  C)
  Increase in MSME sector done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer25)
        Non-tax revenues of central government have been challenged in 2016-17. Which of the following is the correct cause of this shortfall?
  A)
  Shortfall in proceeds from spectrum auction done clear
  B)
  Shortfall in disinvestment receipts done clear
  C)
  Stress in public sector enterprises that reduced dividend payments done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer26)
        Twin balance sheet problem refers to?
  A)
  Over-indebtedness in the corporate and banking sectors done clear
  B)
  Over-indebtedness of State governments and Central government done clear
  C)
  A malpractice of accounting in corporate sector done clear
  D)
  A malpractice of accounting in MSME sector done clear
  View Solution play_arrow

• question_answer27)
  According to Economic Survey 2016-17 at end-December 2016, effective currency was about ......... of estimated demand.
  A)
  65%     done clear
  B)
  70% done clear
  C)
  75%                              done clear
  D)
  80% done clear
  View Solution play_arrow

• question_answer28)
        According to Economic Survey 2016-17 real GDP growth during 2017-18 is most likely to be-
  A)
  6.75-7.5%          done clear
  B)
  6.5-7.0% done clear
  C)
  6.25-6.75%       done clear
  D)
  6.0-7.0% done clear
  View Solution play_arrow

• question_answer29)
        Which of the following has been given prominence in the Economic Survey 2016-17?
  A)
  Universal Basic Amenities done clear
  B)
  Universal Basic Income done clear
  C)
  Universal Welfare Measures done clear
  D)
  Redistribution of Wealth done clear
  View Solution play_arrow

• question_answer30)
        The central government alone runs about 950 central sector and centrally sponsored sub-schemes which cost about ............ of GDP.
  A)
  4%                    done clear
  B)
  5% done clear
  C)
  6%                    done clear
  D)
  7% done clear
  View Solution play_arrow

• question_answer31)
  Developments in the US, especially the rise of the dollar, will have implications for China's currency and currency policy. Consider the following statements in relation to it and choose the correct code given below.

  Statement I: If China is able to successfully re balance its economy, the spillover effects on India and the rest of the world will be positive.

  Statement II: Further declines in the yuan, even if dollar-induced, could interact with underlying vulnerabilities to create disruptions in China that could have negative spillovers for India.

  The correct code is -
  A)
  Only I correct done clear
  B)
  Only II is correct done clear
  C)
  I & II both are correct done clear
  D)
  Neither I nor II is correct done clear
  View Solution play_arrow

• question_answer32)
  Consider the following assertion followed by reason and choose correct code given below -

  Assertion (A): The Consumer Price Index (CPI) New Series inflation, which averaged 4.9 per cent during April December 2016, has displayed a downward trend since July 2016.

  Reason (R): Kliarif agricultural production in general, and pulses in particular is likely to be bountiful in 2016-17.

   
  A)
  Assertion and reason are correct and reason is the correct explanation of assertion done clear
  B)
  Assertion and reason are correct and reason is not the correct explanation of assertion done clear
  C)
  Assertion is correct but reason is incorrect done clear
  D)
  Assertion is incorrect but reason is correct done clear
  View Solution play_arrow

• question_answer33)
  Consider the following assertion followed by reason and choose correct code given below -

  Assertion (A): The current account deficit has declined from 1.0 per cent of GDP in 201517 to reach about 0.3 per cent of GDP in the first half of 2016-17.

  Reason (R): Gold import declined in 201516 followed by decline in first half of 2016-17.

   
  A)
  Assertion and reason are correct and reason is the correct explanation of assertion done clear
  B)
  Assertion and reason are correct and reason is not the correct explanation of assertion done clear
  C)
  Assertion is correct but reason is incorrect done clear
  D)
  Assertion is incorrect but reason is correct done clear
  View Solution play_arrow

• question_answer34)
  Economic Survey 2016-17 suggests the following policy initiatives to boost up the economy :

  I. On the assumption that the equilibrium cash GDP ratio will be lower than before November 8, the banking system will benefit from a higher level of deposits. Thus, market interest rates deposits, lending, and yields on government securities should be lower in 201718 than 2016 17.

  II. Despite decline in central government's fiscal deficit from 4.5 per cent of GDP in 2013-14 to 4.1 per cent, 3.9 per cent, and 3.5 per cent in the following years, fiscal policy needs to balance the cyclical imperatives with medium term issues relating to prudence and credibility.

  III. Create a public sector asset reconstruction company so that the twin balance sheet problem can be addressed, facilitating credit and investment revival.

  Correct code is-
  A)
  Only I is correct done clear
  B)
  Only II is correct done clear
  C)
  I, II & III are correct done clear
  D)
  Neither I nor II is correct done clear
  View Solution play_arrow

• question_answer35)
        Consider the following Assertion and Reason (R) and choose the correct code given below:

  Assertion (A): During the boom years between 20032011 India?s real GDP growth averaged 8.2 per cent

  Reason (R): During the boom years between 2003 2011 exports grew at an annual rate of between 20 and 25 per cent (in real dollar terms, for goods and services).

  A)
  Assertion and reason are correct and reason is the correct explanation of assertion done clear
  B)
  Assertion and reason are correct and reason is not the correct explanation of assertion done clear
  C)
  Assertion is correct but reason is incorrect done clear
  D)
  Assertion is incorrect but reason is correct done clear
  View Solution play_arrow

• question_answer36)
  Consider the following Assertion and Reason (R) and choose the correct code given below -

  Assertion (A): State government finances are under stress now a days.

  Reason (R): The consolidated deficit of the states has increased steadily in recent years, rising from 2.5 per cent of GDP in 2014-15 to 3.6 percent of GDP in 2015-16.

  A)
  Assertion and reason are correct and reason is the correct explanation of assertion done clear
  B)
  Assertion and reason are correct and reason is not the correct explanation of assertion done clear
  C)
  Assertion is correct but reason is incorrect done clear
  D)
  Assertion is incorrect but reason is correct done clear
  View Solution play_arrow

• question_answer37)
  Demonetisation affected the Indian economy through three different channels. These are potentially -

  J.   An aggregate demand shock because it reduce the supply of money and affected private wealth, especially of those holding unaccounted money.

  K. An aggregate supply shock to the extent that economic activity relies on cash.

  L. An uncertainty shock because economic agents faced imponderables related to the magnitude and duration of the cash shortage and the policy responses.

  M. Consumers deferred or reduce discretionary con- sumption.

  N. Firms scaled back investments.

  Correct code is-
  A)
  All are correct done clear
  B)
  I, K, L are correct done clear
  C)
  M & N are correct done clear
  D)
  K, L, M & N are correct done clear
  View Solution play_arrow

• question_answer38)
  Consider the list I and II and choose the correct code given below-

  List-I (Financial Year):
  2013-14	2014-15
  2015-16	2016-17
  List-II (Fiscal Deficit of Central Government as % of GDP)
  1. 4.5%	2. 4.1%
  3. 3.9%	4. 3.5%

   
  A)
  A - 1;   B - 2;   C - 3;   D - 4 done clear
  B)
  A - 2;   B - 3;   C - 4;   D - 1 done clear
  C)
  A - 3;   B - 4;   C - 1;   D - 2 done clear
  D)
  A - 4;   B - 5;   C - 2;   D - 1 done clear
  View Solution play_arrow

• question_answer39)
        Consider the following statements:

  1. Banknotes in India are currently being issued in the denomination of Rs. 10 Rs. 20 Rs. 50 Rs. 100 Rs. 500 and 2000. These notes are called banknotes as they are issued by the Reserve Bank of India (Reserve Bank).

  2. The printing of notes in the denominations of Rs. 1, Rs. 2 and Rs. 5 has been discontinued as The process is expensive these denominations have been discontinued as

  3. However such banknotes issued earlier can still be found in circulation and these banknotes continue to be legal tender.

  Select the correct answer using the codes given below:
  A)
  Only 1 & 2                    done clear
  B)
  Only 2 & 3 done clear
  C)
  Only 1 & 3        done clear
  D)
  All of the above. done clear
  View Solution play_arrow

• question_answer40)
  Consider the following statements:

  1. The Lok Sabha in February 2017 passed the Specified Bank Notes Cessation of Liabilities Bill 2017.

  2. The bill replaces the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2015

  3. The bill exempts a person to hold up to 25 old notes for the purpose of study, research or numismatics (collection or study of coins or notes)

  Select the correct answer using the codes given below:
  A)
  Only 1 & 3                    done clear
  B)
  Only 1 & 2 done clear
  C)
  Only 2 & 3                    done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer41)
  Which of the following area selected by the government to transform economy in recent economic renovation?

  1. Growth and stability

  2. Public service delivery

  3. Fiscal management

  4. Digital economy

  Which is/are correct?  
  A)
  Only 1, 2 and 3              done clear
  B)
  Only 2, 3 and 4 done clear
  C)
  Only 1, 3 and 4    done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer42)
  Which of the following will be benefited from the demonetisation step to enhance the economy?

  1. Reduced corruption

  2. Greater digitization of the economy

  3. Increased flow of financial savings

  4. Greater formalization of the economy

  Select the correct answer using the codes given below:
  A)
  Only 1 and 2      done clear
  B)
  Only 2, 3 and 4 done clear
  C)
  Only 1, 3 and 4    done clear
  D)
  All the above done clear
  View Solution play_arrow

• question_answer43)
  Consider the following statements:

  1. The Supreme Court of India on 16 December 2016 referred cases against note ban to a Constitution Bench

  2. The constitutional bench was formed to review the violation of citizen's right by the cap on cash withdrawals from ATMs and bank counters

  3. The bench framed eight questions for consideration

  4. The court refused to provide the interim relief sought by the petitioners.

  Select the correct answer using the codes given below:
  A)
  Only 1, 2 and 4 done clear
  B)
  Only 2 and 4 done clear
  C)
  Only 1, 2 and 3    done clear
  D)
  All of the above done clear
  View Solution play_arrow

• question_answer44)
  Which of following are likely long term consequences demonetisation move of government?

  1. Interest rates could fall further

  2. Reduction in stock of black money

  3. Continuation of digital revolution

  4. Increase in financial savings to the extent ca deposit ratio falls permanently

  5. Stronger economy with least corruption

  Identify the correct statements.
  A)
  1, 2, 3 & 5 only done clear
  B)
  1, 3, 4 & 5 only done clear
  C)
  All are correct     done clear
  D)
  None are correct done clear
  View Solution play_arrow

• question_answer45)
  Which of following are short term consequences demonetisation move of government?

  1. Decline in Interest rates

  2. Increase in financial savings

  3. Increase in Public sector wealth

  4. Digitalisation of economy

  5. Job losses

  Identify the correct statements:
  A)
  1, 2, 4 & 5 only done clear
  B)
  2, 3 & 4 only done clear
  C)
  All are correct                 done clear
  D)
  None are correct done clear
  View Solution play_arrow

• question_answer46)
  Consider the following statements w.r.t part XIII I Indian constitution?

  1. Trade, commerce and intercourse throughout tl territory of India shall be free subject to son- provisions

  2. Parliament has the power to restrict free trade between and within states on grounds of public interest.

  3. State legislature by law can impose 'reasonabl. restrictions' on freedom of trade in public interest.

  4. No law by Parliament or State legislatures ca discriminate between states in terms of trade.

  5. State can by law impose such taxes that prevents an discrimination between goods imported and good manufactured in the State.

  Identify the correct statements.
  A)
  1 & 5 only                     done clear
  B)
  2 & 3 only done clear
  C)
  All are correct                 done clear
  D)
  None are correct done clear
  View Solution play_arrow

• question_answer47)
  Consider the following statements regarding fiscal consolidation in India:

  1. India like several other countries, embarked ii the mid-2000s on an ambitious project of fiscal consolidation.

  2. Fiscal Responsibility and Budget Managemen' (FRBM) Act was adopted by the centre in 2003.

  Identify the correct statements:
  A)
  1 only               done clear
  B)
  2 only done clear
  C)
  Both            done clear
  D)
  Neither of the above done clear
  View Solution play_arrow

• question_answer48)
  Which factors provided impetus to the impressive fiscal performance by the states?

  1. Passing of Fiscal responsibility legislations

  2. Acceleration of GDP growth

  3. Decline in interest payments

  4. increased transfers from the Centre and central CSS expenditure

  Identify the incorrect statements:
  A)
  1 & 2 only                     done clear
  B)
  2 & 3 only done clear
  C)
  All                                done clear
  D)
  None done clear
  View Solution play_arrow

• question_answer49)
  Consider the following statements w.r.t UBI:

  1. The economy wide cost of UBI will be 4.9 percent of GDP

  2. The survey assumes that in practice any program cannot strive for strict universality, so a target quasi-universality rate of 75 percent is set (de facto UBI).

  Identify the correct statements:
  A)
  1 only                           done clear
  B)
  2 only done clear
  C)
  Both            done clear
  D)
  Neither of the above done clear
  View Solution play_arrow

• question_answer50)
  According to economic survey, which of following approaches can be used for gradual introduction of UBI in India?

  1. Offering UBI as a choice to beneficiaries of existing programs

  2. Offering UBI to Women Introduction of UBI for certain vulnerable groups like widows, pregnant women, old etc.

  3. Introduce UBI in urban areas first

  Identify the correct statements:
  A)
  1 & 2 only                     done clear
  B)
  2 & 3 only done clear
  C)
  All are correct                 done clear
  D)
  None are correct done clear
  View Solution play_arrow

• question_answer51)
        Assertion: During the mid 2000 s debt of the companies increased.

  Reason: The period witnessed high growth rates of economy with increasing investment-GDP ratio and overseas spending.

  Identify the correct statements (Assertion - A & Reason - R)

  Codes:
  A)
  Both A and R are true but R is the correct explanation of A done clear
  B)
  Both A and R are true but R is not a correct explanation of A done clear
  C)
  A is true but R is false done clear
  D)
  A is false but R is true done clear
  View Solution play_arrow

• question_answer52)
        Which of following are reasons for India's twin balance sheet problem?

  1. Difficulty in obtaining land and environmental clearances

  2. Dampening impact of Global financial crisis

  3. Increase in the interest rates by RBI to curb inflation

  Identify the correct statements:

  Codes:
  A)
  1 & 2 only                     done clear
  B)
  2 & 3 only done clear
  C)
  All are correct                 done clear
  D)
  None are correct done clear
  View Solution play_arrow

• question_answer53)
        Economic survey envisages certain scenarios in which India's TBS may be sustainable. With regard to it, consider the following scenarios:

  1. Under Containment scenario. Economy grows with improvement in cash flows to stressed companies so that they can service debts.

  2. Under Phoenix scenario, NPAs are limited to a small proportion of the GDP and GDP growth is increased. In this way problem is not solved but fades in importance.

  Identify the correct statements:

  Codes:
  A)
  1 only                           done clear
  B)
  2 only done clear
  C)
  Both                 done clear
  D)
  Neither of the above done clear
  View Solution play_arrow

• question_answer54)
  While advanced economies (AEs) are increasingly opting for fiscal activism, India should not go for such a move. Which of following are reasons for continuing with fiscal prudence:

  1. Indian growth rates are substantially higher, while inflation rates are also substantially greater.

  2. India's own recent experience highlights the risks associated with increasing growth rates through fiscal activism. The two episodes of Indian macro vulnerability in the last 35 years - 1991 and 2013 - were associated with large increases in fiscal deficits.

  Identify the correct statements:

  Codes:
  A)
  1 only                           done clear
  B)
  2 only done clear
  C)
  Both 1 & 2        done clear
  D)
  None of the above done clear
  View Solution play_arrow

• question_answer55)
        What are common challenges for India in regaining competitiveness in Apparel and Leather Sector?

  1. Stringent Labour regulations.

  2. Skewed taxation & tariff policies.

  3. Poor logistics

  4. Discrimination in export markets

  5. Limited availability of cattle for slaughter despite a large cattle population.

  Identify the correct statements:

  Codes:
  A)
  All except 5                    done clear
  B)
  2 & 3 only done clear
  C)
  All are correct                 done clear
  D)
  None are correct done clear
  View Solution play_arrow

• question_answer56)
        The establishment of 'Payment Banks' is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context?

  1. Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks.

  2. Payment Banks can issue both credit cards and debit cards.

  3. Payment Banks cannot undertake lending activities.

  Select the correct answer using the code given below.

  Codes:
  A)
  1 and 2 only      done clear
  B)
  1 and 3 only done clear
  C)
  2 only               done clear
  D)
  1, 2 and 3 done clear
  View Solution play_arrow

• question_answer57)
        Which of the following subjects will be omitted from the Seventh Schedule?

  1. Entry 54 from State List

  2. Entry 55 from State List

  3. Entry 92 and 92C from Union List

  Codes:
  A)
  1, 2                   done clear
  B)
  2, 3 done clear
  C)
  1, 3                               done clear
  D)
  All of the above done clear
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• question_answer58)
  Which of the following is/are true?

  1. Both the State and Centre will have power to make laws on taxation of goods and services.

  2. Parliament's law will not override a state law on GST.

  Which is/are correct?
  A)
  Only 1                           done clear
  B)
  Only 2 done clear
  C)
  Both 1 and 2                  done clear
  D)
  Neither 1 nor 2 done clear
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• question_answer59)
  Which of the following is/are true regarding recent GST Bill?

  1. Recent Goods and Services Tax (GST) Bill is a money bill.

  2. Being a money bill, Rajya Sabha cannot move amendments to the recently passed GST Bill.

  Which is/are correct?
  A)
  Only 1                           done clear
  B)
  Only 2 done clear
  C)
  Both 1 and 2       done clear
  D)
  Neither 1 nor 2 done clear
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• question_answer60)
        Which of the following state taxes are not included in GST?

  1. State Value Added Tax

  2. Luxury tax

  3. Taxes on lottery, betting and gambling

  Codes:
  A)
  Only 1, 2                       done clear
  B)
  Only 1, 3 done clear
  C)
  All of the above    done clear
  D)
  None of the above done clear
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• question_answer61)
        Consider the following statements about GST

  1. Both Central and State taxes will be collected at the point of sale.

  2. The Central and State GST will be charged on the manufacturing cost.

  Which of the above statements are correct? Codes:
  A)
  Only 1                           done clear
  B)
  Only 2 done clear
  C)
  Both                 done clear
  D)
  None done clear
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• question_answer62)
        Lok Sabha has passed four Bills relating to the implementation of the Goods and Services Tax (GST). It paves way for implementing a new, consolidated indirect tax regime from the proposed date of July 1, 2017. In this context consider the following statements.

  1. The four bills passed were Central GST Bill,

  Integrated GST Bill, GST Compensation Bill, and the Union Territory GST Bill, 2017.

  2. These Bills were passed as Money Bills, thus eliminates the role of Rajya Sabha.

  3. The GST laws passed by Parliament will apply to Jammu and Kashmir

  4. Essential food articles will not taxed and those will continue to be zero rated under the GST.

  Identify the correct statements.

  Codes:
  A)
  Only 1, 2 & 3     done clear
  B)
  Only 1, 2 & 4 done clear
  C)
  Only 2 & 4        done clear
  D)
  All of the above done clear
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