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MCQ on Indian Economy
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:
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:
Explanation:
Which among the following in India has the function of recommending Minimum Support Prices for various commodities to the Government ?
- National Farmers Commission
- Commission for Agricultural Costs and Prices
- Central Statistical organization
- Department of Agriculture
Correct Option: B [ Commission for Agricultural Costs and Prices ]
Explanation:
Explanation:
If the Cash Reserve Ratio (CRR) is lowered by the RBI, its impact on credit creation will be to :
- decrease it
- increase it
- No impact
- None of these
Correct Option: B [ increase it ]
Explanation:
Explanation:
Which of the following is a primary sector of economic activities in India ?
- Food processing
- Telecom services
- Manufacturing industry
- Agriculture
Correct Option: D [ Agriculture ]
Explanation:
Explanation:
Which is the following is direct tax ?
- Income tax
- Excise duty
- Sales tax
- None of these
Correct Option: A [ Income tax ]
Explanation:
Explanation:
Where is the headquarter of State Bank of India (SBI) situated ?
- Delhi
- Mumbai
- Pune
- Srinagar
Correct Option: B [ Mumbai ]
Explanation:
Explanation:
The earlier name of WTO was:
- UNCTAD
- GATT
- UNIDO
- OECD
Correct Option: B [ GATT ]
Explanation: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.
Explanation: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.
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:
Explanation:
In India, National Income is computed by :
- Ministry of Fianance
- Central Statistical Organisation
- National Development Council
- Finance Commission
Correct Option: B [ Central Statistical Organisation ]
Explanation:
Explanation: