(QUIZ) Economy MCQs : Taxation System in India: Concepts and Policies
(QUIZ) Economy MCQs : Taxation System in India: Concepts and Policies
1. Consider the following statements.
- Constitution Amendment 115 is related to GST.
- Octroi is a main source of Income for most of the local bodies in India.
Which of the above statements is / are true.
- 1 & 2
- 1 only
- 2 only
- Neither 1 nor 2
2. Consider the following statements about Goods & Services tax (GST) proposed:
- Union Finance Minister would be the chairperson of GST council.
- Most of the Indian states are opposing GST.
Which of the above statements is / are true.
- 1 only
- Both 1 and 2
- 2 only
- Neither 1 nor 2
3. Consider the following statements about GST dispute settlement Authority.
- The Dispute settlement Authority (DSA) shall consist three members.
- The DSA chairperson will appoint by the President after the recommendation by the CJI.
- Only the Supreme Court shall exercise Jurisdiction over such adjudication or dispute.
Which of the above statements is / are true.
- 1 & 2
- 2 & 3
- 1, 2 & 3
- 1 & 3
4. Consider the following statements.
- Subsidy is a negative income tax.
- Pigovian tax is imposed on bodies that have a negative externality.
- Relation between tax rates & tax revenue collected by governments shows by Laffer curve.
Which of the above statements is / are true.
- 1, 2 & 3
- 1 & 3 only
- 1 & 2 only
- 2 & 3 only
5. Consider the following statements about DTC Bill 2010.
- The Bill will replace the Income Tax Act 1961 & the Wealth Tax Act 1957.
- Companies will be taxed at 35% of business income.
- Non profit organisations are taxed at 25%.
- The wealth tax exemption limit is increased from 15 lack to 1 crore.
Which of the above statements is / are true.
- 1, 2, 3 & 4
- 1 & 4 only
- 2 & 3 only
- 1 & 3 only