Q215. What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’? 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of the economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below :

Consider the following statements: The effect of the devaluation of a currency is that it necessarily: 1. Improves the competitiveness of domestic exports in th

Consider the following statements: The Indian rupee is fully convertible: 1. in respect of Current Account of Balance of payment 2. in respect of Capital Accoun

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

Consider the following: 1. Fringe Benefit Tax 2. Interest Tax 3. Securities Transaction Tax Which of the above is/are Direct Tax/Taxes?

What is/are the recent policy initiative(s) of Government of India to promote the growth of the manufacturing sector? 1. Setting up of National Investment and M

The term ‘Core Banking Solution’ is sometimes seen in the news. Which of the following statements best describes/describe this term? 1. It is a network of a ban

Consider the following statements : 1. India has ratified the Trade Facilitation Agreement (TFA) of WTO. 2. TFA is a part of WTO’s Bali Ministerial Package of 2

With reference to the Indian economy, what are the advantages of “Inflation-Indexed Bonds (IIBs)”? 1. The government can reduce the coupon rates on its borrowin

Consider the following actions which the government can take: 1. Devaluing the domestic currency. 2. Reduction in the export subsidy. 3. Adopting suitable polic

Which one of the following situations best reflects “Indirect Transfers” often talked about in media recently with reference to India?

Consider the following items: 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish processed and canned 4. Newspapers containing advertising materia

Under which of the following circumstances may ‘capital gains’ arise? 1. When there is an increase in sales of product 2. When there is a natural incr

Which one of the following is not a feature of “Value Added Tax”? (a) It is a multi-point destination-based system of taxation (b) It is a tax levied

In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years?

Which of the following is not a recommendation of the task force on direct taxes under the chairm-anship of Dr. Vijay L. Kelkar in the year 2002?

Consider the following statements: In India, stamp duties on financial transactions are: 1. Levied and collected by the State Government 2. Appropriat

Consider the following taxes: 1. Corporation tax 2. Customs duty 3. Wealth tax 4. Excise duty Which of these is/are indirect taxes?