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Direction (1-10): Read the following passage carefully and answer the questions given below it
India is the second largest consumer market in the world. There are over a billion consumers, and companies from all over the world are making inroads into this developing nation to get a piece of the action. The Indian growth story has been remarkable and resilient. It has been resilient because the growth has happened despite the unfavorable business atmosphere in the nation. From 1st July 2017, the various taxes that were levied by different state and local authorities were scrapped. A new system was created, the result of which was a unified tax system that would work all across the nation. The principle followed during the implementation was One nation, One market, One tax. This was no less than a historic moment. This is because various Indian governments have been involved in a massive parliamentary debate for over 15 years on this issue of GST. According to experts, by implementing the GST, India will gain $15 billion a year. This is because, it will promote more exports, create more employment opportunities and boost growth. It will divide the burden of tax between manufacturing and services. In the GST system, taxes for both Centre and State will be collected at the point of sale. Both will be charged on the manufacturing cost. Individuals will be benefited by this as prices are likely to come down and lower prices mean more consumption, and more consumption means more production, thereby helping in the growth of the companies. Whether this system has been the game changer that it has always been touted to be is yet to be seen. Hence, for the moment, we will focus only on its widely debated pros and cons. Tax compliance is a major cost to the companies operating in India. Not only do companies have to pay taxes, but they also have to present the data in a certain format and file the returns. In a system where there are several taxes to be paid, several formats have to be followed. Companies had to hire experts in every kind of tax to ensure compliance. Also, the software systems and tax engines that they used for invoicing were based on extremely complex algorithms. This made the cost of compliance and reporting extremely high.
Indian companies were spending a lot of money to be tax complaint and this was apart from paying taxes! This was making companies less competitive in the foreign markets. Because of this extremely complex taxation system, it would sometimes make more sense for companies to import the products even though they could have been sourced indigenously. The GST has been designed to be a major blow to corruption. Every time goods had to come into local areas for sale, they were taxed by local bodies. These taxation points often lead to huge queues and even traffic snarls outside major cities. The corrupt officials would needlessly delay the trucks from entering the city with their red-tapism. Multiple taxes meant multiple officers had to be bribed. By implementing a one tax system, the Indian government has significantly reduced the corruption prevalent in the economy. The Indian tax system was complicated. First excise had to be paid for the manufacture of goods. Then VAT had to be paid for the sale of goods. Also, if the sale involved interstate transport then central sales tax had to be paid. Hence, the final consumer had to pay double or even triple tax on the products. GST has made this ambit of taxes redundant. As a result, the consumers now are no longer subject to dual taxation. With the decline in corruption and compliance costs, businesses are finding it much easier to operate in the country. Now coming to the cons part. The biggest disadvantage of GST is that it has been implemented in a hurry. Due to extremely short duration given by the government to implement the changes, the software industry had to work day and night. Still the systems are not functioning seamlessly. The government should have taken into account that companies today run on complex ERP systems which cannot be changed overnight as per the whims and fancies of the government.
Smaller traders in particulars are having a hard time dealing with the new tax regime. However, the government has loosened compliance norms for the first two quarters to provide time for the business to adjust. Also, it is likely that GST will be revenue positive. This means that it will take more money from the public’s pockets and put it into the government’s coffers. This will make the economy even more dependent on fiscal spending. This is not a good sign. Most developed economies have more reliance on free market spending than they have on government spending. Apart from tax rate, there are two other aspects which are critical in this biggest ever indirect taxation reform- first, Administrative machinery, GST is not merely a tax reform but it is an opportunity to give a message that changed political regime in India is concerned about the tax payers and “Ease of Doing Business” is not a lip service. Matter relating to jurisdiction over the assesse needs to be sorted out amicably between center and states. Currently, states have to adopt their own GST legislation and Centre should tryout to build a consensus for common law across all the states even if requires giving some concession. There are various definitions in draft law which may lead to varying interpretations and lead to dispute. Suggestions given by industry associations should be considered before GST legislation is introduced in parliament. Second Credit mechanism and transfer of benefit to consumers. There are inherent limitations of dual-model GST which includes cascading effect of taxation in certain cases like purchasing from a state in which there is no output tax liability and therefore credit of SGST will not be available. However there are still anomalies in definition of input service which may lead to litigation.
1) According to the passage which of the following are two other aspects that are critical in the biggest ever indirect taxation reform?
a) Credit mechanism and transfer of benefit to consumers.
b) Invoicing based extremely complex algorithms
c) Administrative machinery
d) Both a) and b)
e) Both a) and c)
2) According to the passage which of the following statements are mentioned as an advantages of The Goods and Services Tax (GST)?
i) With the implementation there is reduction in Corruption, GST is expected to build a more transparent and corruption-free tax system in India
ii) Now there will be no Dual Taxation, it is a unified tax system where the consumers now are no longer subject to dual taxation.
iii) GST compliance and tax filing has increased the implementation cost for businesses.
a) i and ii
b) ii and iii
c) Only i
d) i and iii
e) None of these
3) According to the passage which of the following is/are benefit of GST for individuals?
a) It will divide the burden of tax between manufacturing and services.
b) Individuals will be benefited by this as prices are probably to come down
c) Now economy will be even more dependent on fiscal spending
d) Both a) and b)
e) Both a) and c)
4) Which of the following is true in the context of the passage?
i) After the implementation of GST smaller traders are facing difficulty in dealing with the new tax regime
ii) By implementation of the Goods and Services Tax India will gain $15 billion a year
iii) There are certain limitations of dual-model GST such as descending effect of taxation
a) ii and iii
b) i and ii
c) Only ii
d) i and iii
e) All are correct
5) According to the passage which of the following statements are mentioned as a disadvantages of the Goods and Services Tax?
i) One of the major disadvantage of GST is that it has been implemented in a hurry hence the adoption and migration to the new GST system involved teething troubles and learning for the entire ecosystem.
ii) GST will be levied only at the final destination of consumption based on VAT principle and not at various points
iii) Most developed economies have more reliance on free market spending but the new GST system will make will make the economy even more dependent on fiscal spending
a) ii and iii
b) i and iii
c) i and ii
d) All except i
e) None of these
6) According to the passage why the experts said that the implementation of the Goods and Services Tax will led India gain $15 billion a year?
a) Because no other tax has to be paid for the sale of goods.
b) Because it will promote more exports
c) Because it will create more employment opportunities
d) Both b) and c)
e) None of these
7) Choose the word which is most nearly the same in meaning as the word “cascading” printed in bold as used in the passage
a) Dribbling
b) Splashing
c) Plunging
d) Percolating
e) Scantling
8) Choose the word which is most nearly the same in meaning as the word “touted” printed in bold as used in the passage
a) Acclaimed
b) Couched
c) Sneaked
d) Dissembled
e) Ensconced
9) Choose the word which is most opposite in meaning of the word “amicably” in bold as used in the passage.
a) Obligingly
b) Mutually
c) Graciously
d) Wickedly
e) Affably
10) Choose the word which is most opposite in meaning of the word “scrapped” in bold as used in the passage.
a) Forsake
b) Conceded
c) Demolished
d) Sloughed
e) Jettison
Direction (11-15): In each of the questions given below a sentence is given which is then divided into five parts out of which one bold part is correct. There are no errors in three out of four remaining parts and therefore only one of the parts other than the bold one is incorrect. You must choose the grammatically incorrect part as your answer. Choose e if you find out there is no error.
11) The rupee was already under pressure due to a)/continued surge in the crude oil which b)/has raised concerns of quicken inflation, outflows c)/by foreign investors from local equities and d)/bond market also dampened the sentiment e)/
a) c
b) d
c) a
d) e
e) No error
12) Risk assets and oil prices would likely tumble a)/as worries about growth arise, hitting currencies b)/of commodity-export countries particularly hard c)/namely, the Russian ruble, Colombian peso and Malaysian ringgit d)/before taking down the rest of Asia e)/
a) b
b) e
c) a
d) c
e) No error
13) Everything from equities to oil a)/to emerged-market assets are in b)/danger of becoming collateral damage as c)/Beijing and Washington threaten d)/the current global financial order e)/
a) c
b) a
c) e
d) b
e) No error
14) In India as well as the US, recognized a)/unions are performing a statutorily b)/mandated duty by engaging c)/in secured benefits for the d)/labour force in that industry e)/
a) d
b) c
c) e
d) b
e) No error
15) Free speech in the employment context a)/should be construed in a manner b)/that makes space for worker interests c)/, neither free speech nor collective d)/bargaining could be compromised e)/
a) c
b) d
c) e
d) b
e) No error
Directions (16-20): 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
16) In order to ________ the reduced revenue source, unions would be forced to charge more from existing members, this would result in union membership being seen as undesirable, due to the ________ economic costs shouldered only by one section of the labour force.
a) Counteract, affiliating
b) Offset, associated
c) Approbate, consorted
d) Redeem, isolated
e) Esteem, accompanied
17) Negotiators drafting the summit’s final statement worked on language that would ________ a positive global economic outlook while highlighting risks, including the _______ dispute over trade, according to a person with direct knowledge of the discussions.
a) Reiterate, escalating
b) Ingeminate, amplified
c) Rescind, ascending
d) Abjure, mounting
e) Recapitulate, magnified
18) Asian currencies also reversed earlier declines ________ by China weakening the Yuan’s daily fixing, the shift came after a sudden paring in the Yuan’s drop, which _________ speculation of some type of intervention by Peoples Bank of China.
a) Provoked, incites
b) Interdicted, roused
c) Triggered, spurred
d) Prompted, stimulates
e) Baffled, exhorted
19) Recognized unions are a means developed worldwide to combat the problems associated with a multiplicity of unions and In India the politicization of trade unions ________ conflicts between various unions, _______ collective bargaining.
a) Embitters, abetting
b) Heighten, enfeebling
c) Aggravates, thumping
d) Exacerbates, undermining
e) Inflame, hyping
20) The present system of affiliation has had a restrictive effect on the quality of higher education, the draft has, in fact, exacerbated the situation by _______ allowing any university, including private and deemed-to-be-universities, to ______.
a) Inherently, scatter
b) Implicitly, affiliate
c) Apparently, associate
d) Substantially, alienate
e) Superficially, confederate
Answers:
1) Answer: e)
It is mentioned in para 3- Apart from tax rate, there are two other aspects which are critical in this biggest ever indirect taxation reform- first, Administrative machinery, GST is not merely a tax reform but it is an opportunity to give a message that changed political regime in India is concerned about the tax payers. Second Credit mechanism and transfer of benefit to consumers.
2) Answer: a)
It is mentioned in para 2- The GST has been designed to be a major blow to corruption. Multiple taxes meant multiple officers had to be bribed. By implementing a one tax system, the Indian government has significantly reduced the corruption prevalent in the economy. The Indian tax system was complicated. GST has made this ambit of taxes redundant. As a result, the consumers now are no longer subject to dual taxation.
3) Answer: d)
It is mentioned in para 1- Individuals will be benefited by this as prices are likely to come down and lower prices mean more consumption, and more consumption means more production.
4) Answer: e)
It is clearly mentioned in para 1&3- Smaller traders in particulars are having a hard time dealing with the new tax regime. There are inherent limitations of dual-model GST which includes cascading effect of taxation in certain cases like purchasing from a state in which there is no output tax liability. According to experts, by implementing the GST, India will gain $15 billion a year.
5) Answer: b)
It is mentioned in para 2&3- The biggest disadvantage of GST is that it has been implemented in a hurry. Due to extremely short duration given by the government to implement the changes, the software industry had to work day and night. Also, it is likely that GST will be revenue positive. This means that it will take more money from the public’s pockets and put it into the government’s coffers. This will make the economy even more dependent on fiscal spending. This is not a good sign. Most developed economies have more reliance on free market spending than they have on government spending.
6) Answer: d)
It is mentioned in para 1- According to experts, by implementing the GST, India will gain $15 billion a year. This is because, it will promote more exports, create more employment opportunities and boost growth.
7) Answer: c)
The meaning of cascading is to descend or to move down
8) Answer: a)
The meaning of touted is to publicize or show off
9) Answer: d)
The meaning of amicably is in a friendly and peaceable manner.
10) Answer: b)
The meaning of scrapped is to abolish or do away with
Direction (11-15)
11) Answer: a)
In part c in place of quicken it should be quickening
12) Answer: d)
In part c in place of export it should be exporting
13) Answer: d)
In part b in place of emerged it should be emerging
14) Answer: a)
In part d in place of secured it should be securing
15) Answer: c)
In part e in place of could it should be can
Direction (16-20)
16) Answer: b)
The meaning of “offset” is “to cancel out something by having an equal and opposite force or effect” and it is suitable for i blanks and the meaning of “associated” is “to connect with something” so it is appropriate for ii blank
17) Answer: a)
The meaning of “reiterate” is “to say something again or a number of times” and it is suitable for i blanks and the meaning of “escalating” is “to go up or rise rapidly” so it is appropriate for ii blank
18) Answer: c)
The meaning of “triggered” is “cause to happen” and it is suitable for i blanks and the meaning of “spurred” is “to push or drive” so it is appropriate for ii blank
19) Answer: d)
The meaning of “exacerbates” is “to increase” and it is suitable for i blanks and the meaning of “undermining” is “to threaten or weaken” so it is appropriate for ii blank
20) Answer: b)
The meaning of “implicitly” is “in a way that is not directly expressed” and it is suitable for i blanks and the meaning of “affiliate” is “officially attach or connect to an organization” so it is appropriate for ii blank
Daily Practice Test Schedule | Good Luck
| Topic | Daily Publishing Time |
| Daily News Papers & Editorials | 8.00 AM |
| Current Affairs Quiz | 9.00 AM |
| Quantitative Aptitude “20-20” | 11.00 AM |
| Vocabulary (Based on The Hindu) | 12.00 PM |
| General Awareness “20-20” | 1.00 PM |
| English Language “20-20” | 2.00 PM |
| Reasoning Puzzles & Seating | 4.00 PM |
| Daily Current Affairs Updates | 5.00 PM |
| Data Interpretation / Application Sums (Topic Wise) | 6.00 PM |
| Reasoning Ability “20-20” | 7.00 PM |
| English Language (New Pattern Questions) | 8.00 PM |
English New Pattern Questions
