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[WpProQuiz 2537]
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Directions (1-10): Read the following passage carefully and answer the questions given below it.
Hype and hyperbole are temptations to which government officials, in particular, must not succumb. Yet, it is difficult not to view the Goods and Services Tax Bill as a game-changing reform for the country; and, when it happens, it would be curmudgeonly not to acknowledge its passage as a major, historic achievement. Three major benefits will flow from the GST. First, the GST will increase the resources available for poverty alleviation and development. This will happen indirectly as the tax base becomes more buoyant and as the overall resources of the Central and State governments increase. But it will also happen directly because the resources of the poorest States for example, Uttar Pradesh, Bihar, and Madhya Pradesh who happen to be large consumers will increase substantially. Second, the GST will facilitate Make in India by making one India. The current tax structure unmakes India, by fragmenting Indian markets along State lines. These distortions are caused by three features of the current system: the Central Sales Tax on inter-State sales of goods; numerous intra-State taxes; and the extensive nature of countervailing duty exemptions that favours imports over domestic production. In one fell swoop, the GST would rectify all these distortions: the CST would be eliminated; most of the other taxes would be subsumed into the GST; and because the GST would be applied on imports, the negative protection favouring imports and disfavouring domestic manufacturing would be eliminated. Third, the GST would improve even substantially tax governance in two ways. The first relates to the self-policing incentive inherent to a valued-added tax. To claim input tax credit, each dealer has an incentive to request documentation from the dealer behind him in the value-added/tax chain. Provided the chain is not broken through wide-ranging exemptions, especially on intermediate goods, this self-policing feature can work very powerfully in the GST. The second relates to the dual monitoring structure of the GST one by the States and one by the Centre.
Critics and taxpayers have viewed the dual structure with some anxiety, fearing two sources of interface with the tax department and hence two potential sources of harassment. But dual monitoring should also be viewed as creating desirable tax competition and cooperation between State and Central authorities. Even if one set of tax authorities overlooks or fails to detect evasion, there is the possibility that the other overseeing authority may not. Other benefits such as the boost to investment have been documented in the Report on the Revenue Neutral Rate that was submitted in December last year. Of course, these benefits will only flow through a well-designed GST. The GST should aim at tax rates that protect revenue, simplify administration, encourage compliance, avoid adding to inflationary pressures, and keep India in the range of countries with reasonable levels of indirect taxes. The report also urged that the GST be comprehensive in its coverage, that exemptions from the GST be limited to a few commodities that catered to clear social benefits, and that most commodities be taxed at the standard rate. There is no escaping the fact that the more the exclusions, the higher will be the standard rate which could affect poorer consumers. Some have levelled the charge that the design of the GST is flawed. But the flawed GST charge fails to appreciate how reforms actually occur. In no country is the GST even today after many years of implementation perfect, and was therefore quite flawed at inception. In complex systems, change is introduced, learning from implementation takes place, leading to further and better change. That is what happened with the implementation of the value-added tax by the States and that is what will happen with the GST. It is far better to start and allow the process of endogenous change to unfold over time than to wait for the best time and the best design before it is introduced. Such complexity and lags in GST implementation require that any evaluation of the GST and any consequential decisions should not be undertaken over short horizons but over longer periods.
In understanding GST systems around the world, we have been struck by how ambitious and how under-flawed the Indian GST is. GST-type taxes in large federal systems are either overly centralised, depriving the sub-federal levels of fiscal autonomy or where there is a dual structure, they are either administered independently creating too many differences in tax bases and rates that weaken compliance and make inter-State transactions difficult to tax or administered with a modicum of coordination which minimises these disadvantages but does not do away with them. The Indian GST will be a leap forward in creating a much cleaner dual VAT which would minimise the disadvantages of completely independent and completely centralised systems. A common base and common rates and very similar rates will facilitate administration and improve compliance while also rendering manageable the collection of taxes on inter-State sales. At the same time, the exceptions in the form of permissible additional excise taxes on special goods (petroleum and tobacco for the Centre, petroleum and alcohol for the States) will provide the requisite fiscal autonomy to the States. Indeed, even if they are brought within the scope of the GST, the States will retain autonomy in being able to levy top-up taxes on these goods. To have achieved this, in a large and complex federal system of multiparty democracy, with a Centre, 29 States and 2 Union Territories of widely divergent interests via a constitutional amendment requiring broad political consensus, affecting potentially 7.5 million tax entities, and marshalling the latest technology to use and improve tax implementation capability, is perhaps breathtakingly unprecedented in modern global tax history.
1) According to the passage by which of the following ways the GST would improve tax governance?
i.By using the latest technology to improve tax implementation
ii.By self-policing incentive inherent to a valued-added tax
iii. By dual monitoring structure of the GST one by the States and by the Centre.
a) i and ii
b) ii and iii
c) Only i
d) i and iii
e) None of these
2) According to the passage the GST should aim at what kind of tax rates?
i.Tax rates that protect revenue and simplify administration
ii.Tax rates that keep India in the range of countries with reasonable levels of indirect taxes
iii. Tax rates that encourage compliance and avoid adding to inflationary pressures
a) ii and iii
b) i and ii
c) Only ii
d) i and iii
e) All are correct
3) According to the passage which of the following is not the features of those distortions caused in the current tax structure?
a) The Central Sales Tax on inter-State sales of goods
b) Extensive nature of countervailing duty exemptions that favours imports over domestic production.
c) Differences in tax bases and rates
d) Numerous intra-State taxes
e) None of these
4) Which of the following is true in the context of the passage?
i.The Report on the Revenue Neutral Rate has documented benefits such as the boost to investment
ii.GST-type taxes in large federal systems are not overly centralized
iii. A common base and rate will expedite administration and improve compliance
a) ii and iii
b) i and iii
c) Only i
d) Only ii
e) None of these
5) According to the passage what are three major benefits of Goods and Services Tax?
i.The GST will promote Make in India by making one India.
ii.The GST will increase the resources available for poverty alleviation and development.
iii. The GST will provide the requisite fiscal autonomy to the current tax system.
iv.The GST would improve even substantially tax governance
a) i and ii
b) ii and iii
c) iii and iv
d) i and iv
e) All except iii
6) Which of the following is not true in the context of the passage?
i.The GST will be a breakthrough in creating a much cleaner dual VAT
ii.The Report on the Revenue Neutral Rate impelled that the GST be comprehensive in its coverage, that exemptions from the GST be limited to all commodities
iii. The Report on the Revenue Neutral Rate compelled that most commodities be taxed at the standard rate
a) i and ii
b) Only ii
c) ii and iii
d) i and iii
e) None of these
7) Choose the word which is most nearly the same in meaning as the word “succumb” printed in bold as used in the passage
a) Sprout
b) Escalate
c) Capitulate
d) Prolong
e) Endure
8) Choose the word which is most nearly the same in meaning as the word “endogenous” printed in bold as used in the passage
a) Concede
b) Divulge
c) Peripheral
d) Apparent
e) Visceral
9) Choose the word which is most opposite in meaning of the word “exclusions” in bold as used in the passage
a) Omission
b) Segregation
c) Embargo
d) Inclusion
e) Coventry
10) Choose the word which is most opposite in meaning of the word “rendering” in bold as used in the passage.
a) Complication
b) Discernment
c) Perception
d) Apprehension
e) Rendition
Directions (11-15): Each sentence below has one or two blanks, each blank indicating that something has been omitted. Below the sentence are five sets of words. Choose the set of words for each blank that best fits the meaning of the sentence as a whole.
11) The principled vision of government projects is a departure from the transactionalism and pragmatism ________ by many in South Block over the last few years, however, it may also be a return to familiar _______ of Indian foreign policy.
a) Abetting, landing
b) Espoused, moorings
c) Upholding, gripping
d) Confronted, tetherings
e) Advocated, lashing
12) IBC is a landmark legislation that _______ several prior bankruptcy laws into one framework and decisively establishes the institutional infrastructure to _______ the complex process.
a) Amalgamate, govern
b) Centralized, regulate
c) Dissuades, supervise
d) Consolidates, administer
e) Fortified, orchestrate
13) At the macro level, the strengthening in company balance sheets and the flushing out of non-performing assets from banks should begin to _______ the twin balance sheets problem that has ________ the Indian economy in the last few years.
a) Ameliorate, plagued
b) Mitigate, exulted
c) Emphasize, persecuted
d) Relieve, grooved
e) Alleviate, gladdened
14) The government is clearly under pressure to _________ fresh intent to investors as India Inc believes bank loans are likely to remain _______ for the next two-three years
a) Exhibit, stiffing
b) Exemplify, resolute
c) Demonstrate, sluggish
d) Ostend, nimble
e) Contravene, apathetic
15) While some investors prefer true-to-label funds which don’t waver at all from the stated investment objective, others may not be ________ with some opportunistic ________ in small proportions if the overall theme and risk levels remain the same.
a) Vexed, aberration
b) Perturbed, deviations
c) Miffed, anomaly
d) Actualized, deflections
e) Irked, swerve
Directions (16-20): In each of the following questions on phrase has been given and it has been followed by four sentences. You have to find out on which sentences phrase has been used properly according to its meaning and mark your answer from the options denoted a), b), c), d) Mark e) as your answer of you find that the phrase has been applied properly in all sentences
16) Bring along
i.The new manager decided it was time to bring some changes along.
ii.I brought a book along for the long flight.
iii. Please bring along your camera to the show.
iv.That landmark civil rights case brought along great societal change
a) ii and iii
b) Only ii
c) i and iv
d) i and iii
e) All are correct
17) Serve out
i.The criminal served out his sentence in a minimum security prison.
ii.The document was served out the plaintiff by a deputy.
iii. She was unable to serve her term out.
iv.Sarah refused to serve out the committee again.
a) ii and iv
b) i and iii
c) ii and iii
d) i and iv
e) All are correct
18) Mete out
i.Our school principal metes out strict punishment to those who break the rules
ii.She meted the solution out carefully into a row of test tubes.
iii. Desha meted out the cookies to each of them.
iv.The cook meted out small portions of soup to the soldiers
a) i and ii
b) iii and iv
c) ii and iii
d) i and iv
e) All are correct
19) Bunch up
i.Don’t bunch up your dress in your arms like that.
ii.June pulled the sheets back and bunched teddy up.
iii. Bunch them up so you can squeeze them into the sack.
iv.Kelly bunched up the roses and put them in a vase.
a) ii and iv
b) i and ii
c) All except ii
d) iii and iv
e) All are correct
20) Plug away
i.I’m not very good at it, but I keep plugging away.
ii.We just have to keep plugging away and hope things turn for us.
iii. Nita has been really plugged away the heavy metal scene ever since college.
iv.I plugged the speakers away the back of the receiver.
a) iii and iv
b) i and ii
c) ii and iv
d) All except iii
e) All are correct
Answers:
Directions (1-10):
1.Correct Answer is: b)
It is clearly mentioned in para 1- Third, the GST would improve even substantially tax governance in two ways. The first relates to the self-policing incentive inherent to a valued-added tax. The second relates to the dual monitoring structure of the GST one by the States and one by the Centre.
2.Correct Answer is: e)
It is clearly mentioned in para 2-The GST should aim at tax rates that protect revenue, simplify administration, encourage compliance, avoid adding to inflationary pressures, and keep India in the range of countries with reasonable levels of indirect taxes.
3.Correct Answer is: c)
It is mentioned in para 1-These distortions are caused by three features of the current system: the Central Sales Tax on inter-State sales of goods; numerous intra-State taxes; and the extensive nature of countervailing duty exemptions that favours imports over domestic production
4.Correct Answer is: b)
It is mentioned in para 2&3-A common base and common rates and very similar rates will facilitate administration and improve compliance, Other benefits such as the boost to investment have been documented in the Report on the Revenue Neutral Rate that was submitted in December last year.
5.Correct Answer is: e)
It is mentioned in para 1- Three major benefits will flow from the GST. First, the GST will increase the resources available for poverty alleviation and development, second, the GST will facilitate Make in India by making one India and Third the GST would improve even substantially tax governance.
6.Correct Answer is: d)
It is mentioned in para 2&3-The report also urged that the GST be comprehensive in its coverage, that exemptions from the GST be limited to a few commodities that catered to clear social benefits, and that most commodities be taxed at the standard rate. The Indian GST will be a leap forward in creating a much cleaner dual VAT which would minimise the disadvantages of completely independent and completely centralised systems.
7.Correct Answer is: c)
The meaning of succumb is break down or fail to resist.
8.Correct Answer is: e)
The meaning of endogenous is having an internal cause or origin.
9.Correct Answer is: d)
The meaning of exclusions is to remove something or keeping out
10.Correct Answer is: a)
The meaning of rendering is to interpret or translate
Directions (11-15):
11.Correct Answer is: b)
The meaning of “espoused” is “to support a cause or belief” and it is suitable for i blanks and the meaning of “moorings” is “a source of stability or security” so it is appropriate for ii blank.
12.Correct Answer is: d)
The meaning of “consolidates” is “to combine a number of things into a single more effective” and it is suitable for i blanks and the meaning of “administer” is “to manage or control” so it is appropriate for ii blank.
13.Correct Answer is: a)
The meaning of “ameliorate” is “to make something better” and it is suitable for i blanks and the meaning of “plagued” is “to cause suffering to something” so it is appropriate for ii blank.
14.Correct Answer is: c)
The meaning of “demonstrate” is “to express or indicate” and it is suitable for i blanks and the meaning of “sluggish” is “slow to respond or make progress” so it is appropriate for ii blank.
15.Correct Answer is: b)
The meaning of “perturbed” is “distress or upset” and it is suitable for i blanks and the meaning of “deviations” is “a shift or variance” so it is appropriate for ii blank.
Directions (16-20):
16.Correct Answer is: a)
The meaning of “bring along” is to bring something into one’s care or keeping while going somewhere and the phrase has been applied properly in ii and iii sentences.
17.Correct Answer is: b)
The meaning of “serve out” is to complete some period of service and the phrase has been applied properly in i and iii sentences.
18.Correct Answer is: e)
The meaning of “mete out” is to distribute something or to measure something out and the phrase has been applied properly in all the sentences
19.Correct Answer is: c)
The meaning of “fall behind” is to pack or cluster things/people together or to form or accumulate and the phrase has been applied properly in i, iii and iv sentences.
20.Correct Answer is: b)
The meaning of “plug away” is to keep working hard in a determined way and the phrase has been applied properly in i and ii sentences.
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| Current Affairs Quiz | 9.00 AM |
| Quantitative Aptitude “20-20” | 11.00 AM |
| Vocabulary (Based on The Hindu) | 12.00 PM |
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| English Language “20-20” | 2.00 PM |
| Reasoning Puzzles & Seating | 4.00 PM |
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| Data Interpretation / Application Sums (Topic Wise) | 6.00 PM |
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This post was last modified on June 26, 2021 8:57 am