MCQ on Indian Economy
Consider the following statements regarding the Goods and Services Tax (GST) of India:
(i) GST is a successor to VAT used in India on the supply of goods and services.
(ii) GST came into effect from 1st July, 2017 through the implementation of the one hundred and first Amendment of the Constitution of India.
(iii) Every decision of the GST Council is to be taken by a majority of not less than three fourths of the weighted votes of the members present and
voting at the meeting.
(iv) The GST Council is chaired by the Prime Minister of India.
Select the correct statement/statements using the codes given below.
- (i) only
- (ii) only
- (iii) and (iv) only
- (i), (ii) and (iii) only
Explanation:
Which of the following has the highest per capita income ?
- Delhi
- Sikkim
- Haryana
- Goa
Explanation:
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, popularly known as Black Money Act, 2015 came into effect from :
- 1st April, 2015
- 1st May, 2015
- 1st June, 2015
- 1st July, 2015
Explanation:
NABARD stands for:
- National Activated Bank for Agriculture and Rural Development
- National Bank for Agriculture and Rural Development
- National Agricultural Backward and Rural Development
- National Bank for Accelerated Rural Development
Explanation:
Mixed economy means an economy where:
- There is co-existence of public sector along with private sector
- Both agriculture and Industry are equally promoted by the state
- There is importance of small scale industries along with heavy industries
- Economy is controlled by military as well as civilian rulers
Explanation:
Which of the following is a primary sector of economic activities in India ?
- Food processing
- Telecom services
- Manufacturing industry
- Agriculture
Explanation:
Chairman of the 15th Finance Commission of India-
- NK Singh
- YV Reddy
- Ranghuram Rajan
- Ramesh Chand
Explanation:
'Economic Survey' is published by:
- The Ministry of Finance
- The Planning Commission
- The Government of India
- The Central Statistical Organization
Explanation:
First Five Year Plan started in India in the year?
- 1952
- 1956
- 1950
- 1951
Explanation: 1951-56
Government imposes taxes to:
- run the machinery of State
- uplift of weaker sections
- check the accumulation of wealth among the rich
- None of the above
Explanation: