Indian Economy MCQ-238

Indian Economy Practice Questions for UPSC, RRB, CDS, HaryanaPSC, TET, CivilsPrelims, NDA, WBPSC Exams



Consider the following
1. VAT is the neutral tax since it does not influence the organisation of production.
2. VAT is easier to enforce than the Sales Tax to impose through cross-checking.
Which of the statements given

 
 
 
 

Which one of the following is the major component of Budget of the financial year of the Union Government in India?

 
 
 
 

Consider the following sources
1. State’s share in the Central Taxes
2. Grand-in aid from the Central government.
3. States’ own non-tax revenue.
Which of the sources given above is/are the important source of revenue for the States?

 
 
 
 

In which one of the following years, the Value-Aided Tax was imposed in India except some States?

 
 
 
 

Consider the following Taxes
t. Taxes on Passenger ‘
2: Taxes on electricity consumption
3. Entertainment tax
Which of the taxes given above are the main taxes under the commodities and Services in the Indian States?

 
 
 
 

which one of the following deficits deducted the interest payments to internal and external debt from the fiscal deficit to calculate the deficit of an economy?

 
 
 
 

Which one of the following deficits is used in the calculation of the twin/double deficit of an economy?
1. Current account deficit
2. Fiscal deficit
3. Primary deficit
Select the correct answer using the codes given below

 
 
 
 

Which one of the following deficits of the Union Government of India which includes the market borrowing and other government liabilities only?

 
 
 
 

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

 
 
 
 

which one of the following statements is incorrect about a Mutual Fund in India?

 
 
 
 

Which of the following set of the canons of taxation has not been made the part of Indian tax reforms process till date? Select your answer using the codes given below
1. Equality
2. Certainty
3. Convenience
4. Economy
Codes

 
 
 
 

Deficit financing leads to inflation in general, but it can be checked if

 
 
 
 

Select the correct one/ones from the given list which belong to the non-plan expenditures of India
1. Interest payments of internal and external loans
2. Subsidies on different heads
3. Defence expenses
4. Capacity creation in the irrigation sector
Codes

 
 
 
 

The new definitions of ‘fiscal deficit’ in Indians was adopted by it in

 
 
 
 

What is incorrect about the ‘Deemed Export Benefit Scheme’ operated in India?

 
 
 
 

Consider the following statements about Good and services Tax (GST) bill of India
1. GST consists of three components such as Central- GST (CGST), State-GST (SGST) and Local-GST (LGST)
2. Central-GST {CGST} and State-GST (SGST) will apply to all transactions of goods and services.
Which of the statements given above is/are correct?

 
 
 
 

Which one of the following taxes will be included in the amendments of tax laws by the Direct Tax Codes in India?

 
 
 
 

Consider the following statements about the Direct Tax Codes.
1. The exemption limit for the senior citizens will be higher.
2. The tax imposed on women will be eliminated altogether to bring gender equality in our society.
Which of the statements given above is/are correct?

 
 
 
 

Which one of the following items will be subsumed under the Goods and Services Tax of India?

 
 
 
 

Consider the following statements
1. Headline inflation is a measure of the total inflation within an economy.
2. Headline inflation is affected by areas of the market which may experience sudden inflationary spikes such as food, vegetables or energy.
Which of the statements given above is/are correct?

 
 
 
 

Which one of the following factors leads to the Agflation in an economy?

 
 
 
 

Consider the following items
1. Food products
2. Energy
Which of the items given above are mainly responsible for the Core Inflation?

 
 
 
 

Economic growths usually coupled with

 
 
 
 

Consider the following statements
1. Deflation is a decrease in the general price level of goods and services.
2. Deflation is the negative inflation rate
which falls below zero percent. Which of the statements given above is/are correct?

 
 
 
 

A rapid increase in the rate of inflation is sometimes attributed to the ‘Base Effect’. What is the ‘Base Effect’ ?