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:
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:
What is the 'Repo rate' ?
- It is the rate at which International Aid Agencies lend to RBI
- It is the rate at which the banks lend to RBI
- It is the rate at which RBI borrows from the market
- It is the rate at which RBI lends to banks
Explanation:
NITI Aayog, which replaced the Planning commission of India, was formed by a cabinet resolution of the Government of Inda on:
- 1st January, 2015
- 26th January, 2015
- 15th August, 2015
- None of the above
Explanation:
About Deendayal Antyodaya Yojana (DAY) which of the following is not correct ?
- It focuses on both the rural and urban areas
- It aims at skill development.
- It is a State Government's scheme
- It has replaced Ajeevika
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:
Who was the first Governor of Reserve Bank of India (RBI)?
- C D Deshmukh
- Sir Osborne Smith
- James Braid Taylor
- Benegal Rama Rau
Explanation: from 1935 to 1937
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:
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
Explanation:
Who was the head of the 10th Finance Commission?
- K.C. Pant
- Manmohan Singh
- Vasant Sathe
- Shiv Shankar
Explanation: