Chairman of the 15th Finance Commission of India-

• NK Singh
• YV Reddy
• Ranghuram Rajan
• Ramesh Chand
Solution
Correct Option: A  [ NK Singh ]

Explanation:

Assertion (A) :
The development programmes undertaken in India are oriented towards economic growth along with social justice.

Reason (R) :
Indian economy is afflicted with poverty, unemployment and inequalities.

Select the correct answer from the following options.

• Both (A) and (R) are correct, and (R) is the correct explanation for (A)
• Both (A) and (R) are correct, but (R) is not the correct explanation for (A)
• (A) is correct, but (R) is not correct
• (A) is not correct, but (R) is correct
Solution
Correct Option: A  [ Both (A) and (R) are correct, and (R) is the correct explanation for (A) ]

Explanation:

In Income Tax, Assessee is :

• a person who pays income tax
• a person who deducts income tax from its employees
• a person who prepares income tax Return of tax payers
• None of these
Solution
Correct Option: A  [ a person who pays income tax ]

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

Explanation:

A closed economy is an economy in which:

• the money supply is fully controlled
• deficit financing takes place
• only exports take place
• Neither exports nor imports take place.
Solution
Correct Option: D  [ Neither exports nor imports take place. ]

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
Solution
Correct Option: A  [ There is co-existence of public sector along with private sector ]

Explanation:

Which one of the following is the main source of revenue for the states ?

• Property tax
• Sales tax
• Excise duty
• None of these
Solution
Correct Option: B  [ Sales tax ]

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
Solution
Correct Option: C  [ States can not levy income tax ]

Explanation:

Planning Commission of India was set up by :

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

Explanation:

Where is the headquarter of State Bank of India (SBI) situated ?

• Delhi
• Mumbai
• Pune
• Srinagar
Solution
Correct Option: B  [ Mumbai ]

Explanation: