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 is not an asset held by the commercial bank ?
- Bills of exchange
- Current account deposits
- Money lent at short notice
- Credit balances with the Reserve Bank
Explanation:
In India, which sector generally suffers from the problem of surplus labour ?
- Agriculture
- Industry
- Service
- All of these
Explanation:
Major part of the Indian agriculture is characterized by
- Large size farm
- Capitalist agriculture
- Small size farm
- Co-operative farm
Explanation:
Which of the following benefits is covered under social security schemes ?
- Retirement benefits
- Medical facility
- Compensation facilities
- All of the above
Explanation:
Which of the following products of Tripura ranks Second in all India level in terms of production ?
- Paddy
- Bamboo
- Natural gas
- Natural rubber
Explanation:
In India, present trend of rapid urbanization is due to:
- lack of employment opportunities in rural areas
- influence of cinema and electronic media
- break up of joint family system
- abolition of zamindari tystem
Explanation:
In which year the Planning commission was set-up?
- 1949
- 1950
- 1951
- 1952
Explanation:
GST abolishes which of the following taxes ?
- Corporation tax
- Service tax
- Income tax
- Wealth tax
Explanation:
The Gandhian economy is based on the principle of:
- Competition
- Trusteeship
- State Control
- None of the above
Explanation: