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MCQ on Indian Economy

Planning Commission of India was set up by :

  • Morarji Desai
  • T T Krishnamachari
  • Jawaharlal Nehru
  • None of the above
    • Correct Option: C  [ Jawaharlal Nehru ]

    Explanation:

Which of the following sources provides highest tax revenue to Government of India?

  • Personal Income Tax
  • Excise Duty
  • Corporation Tax
  • Customs Duty
    • Correct Option: C  [ Corporation Tax ]

    Explanation:

The Gandhian economy is based on the principle of:

  • Competition
  • Trusteeship
  • State Control
  • None of the above
    • Correct Option: B  [ Trusteeship ]

    Explanation:

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
    • Correct Option: D  [ (i), (ii) and (iii) only ]

    Explanation:

Which of the following does not come under the GST in India ?

  • Agricultural products
  • Handicrafts
  • Gems and jewelries
  • Petroleum products
    • Correct Option: D  [ Petroleum products ]

    Explanation:

Fiscal Deficit is:

  • Government expenditure minus borrowings
  • Government expenditure minus revenue receipts
  • Same as budget deficit
  • Budget deficit minus borrowings and other liabilities
    • Correct Option: B  [ Government expenditure minus revenue receipts ]

    Explanation:

Which of the following is true in respect of Centre-State financial relations ?

  • Amount given by Centre is the only source of income to States
  • States can by-pass Centre while taking foreign loans
  • States can not levy income tax
  • States can claim 100 % share in excise duty on goods produced in the State
    • Correct Option: C  [ States can not levy income tax ]

    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
    • Correct Option: D  [ 1st July, 2015 ]

    Explanation:

Which of the following benefits is covered under social security schemes ?

  • Retirement benefits
  • Medical facility
  • Compensation facilities
  • All of the above
    • Correct Option: D  [ All of the above ]

    Explanation:

New Industrial Policy of India was introduced in the year:

  • 1990
  • 1991
  • 1992
  • 1993
    • Correct Option: B  [ 1991 ]

    Explanation:
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