MCQ on Indian Economy
Which one of the following is the main source of revenue for the states ?
- Property tax
- Sales tax
- Excise duty
- None of these
Explanation:
Who wrote the book Planned Economy for India?
- Jawaharlal Nehru
- Indira Gandhi
- M. Visvesvaraya
- Mahatma Gandhi
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:
Who prints and supplies the currency notes in India:
- State Bank of India
- United Bank of India
- Reserve Bank of India
- United Commercial Bank of India
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
Explanation:
New Industrial Policy of India was introduced in the year:
- 1990
- 1991
- 1992
- 1993
Explanation:
The highest body which approves the Five Year Plan in India is :
- Parliament
- Planning Commission
- National Development Council
- Finance Commission
Explanation:
The qualification for the Chairman and the members of the Finance Commission are specified in:
- Finance Act of 1951
- Finance Act of 1952
- Finance Act of 1950
- Finance Act of 1953
Explanation:
When was National Bank of Agriculture and Rural Development (NABARD) established ?
- 6th Dec, 1947
- 6th Dec, 1982
- 5th Nov, 1982
- 7th Oct, 1982
Explanation:
Which one of the following is an indirect tax levied by the Central Government in India ?
- Service tax
- Corporate Income tax
- Profession tax
- Agricultural Income tax
Explanation: