QUESTION 1 OF 29
The Goods and Services Tax (GST) was implemented in India in which year?
Explanation: The Goods and Services Tax (GST) was implemented in India in 2017.
QUESTION 2 OF 29
Disinvestment refers to:
Explanation: Disinvestment refers to the government selling its stake in public sector undertakings (PSUs).
QUESTION 3 OF 29
Which body releases the Economic Survey of India, typically a day before the Union Budget?
Explanation: The Economic Survey of India is released by the Ministry of Finance (Department of Economic Affairs), typically a day before the Union Budget.
QUESTION 4 OF 29
The term "Fiscal Deficit" refers to:
Explanation: Fiscal Deficit refers to the gap between the government's total expenditure and its total revenue.
QUESTION 5 OF 29
The term "Fiscal Deficit" refers to the difference between the government's total expenditure and its total:
Explanation: Fiscal Deficit is the difference between the government's total expenditure and its total revenue (excluding borrowings).
QUESTION 6 OF 29
The term "Revenue Deficit" refers to the excess of revenue expenditure over:
Explanation: Revenue Deficit refers to the excess of revenue expenditure over revenue receipts.
QUESTION 7 OF 29
The Fiscal Responsibility and Budget Management (FRBM) Act, aimed at ensuring fiscal discipline, was enacted in which year?
Explanation: The Fiscal Responsibility and Budget Management (FRBM) Act, aimed at fiscal discipline, was enacted in 2003.
QUESTION 8 OF 29
India's Union Budget is presented annually, traditionally on which date (in recent practice)?
Explanation: India's Union Budget has traditionally been presented on February 1 in recent practice.
QUESTION 9 OF 29
The term "Disinvestment" in the Indian economic context refers to:
Explanation: Disinvestment refers to the government selling its stake in public sector enterprises.
QUESTION 10 OF 29
The Goods and Services Tax (GST) replaced multiple indirect taxes and was implemented in India in which year?
Explanation: The Goods and Services Tax (GST), replacing multiple indirect taxes, was implemented in India in 2017.
QUESTION 11 OF 29
GST in India is structured as a dual system comprising CGST, SGST, and:
Explanation: India's GST is structured as a dual system comprising CGST, SGST, and IGST (Integrated GST).
QUESTION 12 OF 29
The GST Council, responsible for making recommendations on GST rates and rules, is chaired by:
Explanation: The GST Council, which recommends GST rates and rules, is chaired by the Union Finance Minister.
QUESTION 13 OF 29
The term "Direct Tax" refers to taxes paid directly by individuals or organizations, such as:
Explanation: A Direct Tax is paid directly by individuals or organizations, such as income tax.
QUESTION 14 OF 29
The term "Indirect Tax" refers to taxes levied on goods and services, ultimately borne by:
Explanation: An Indirect Tax is levied on goods and services, ultimately borne by the end consumer.
QUESTION 15 OF 29
The term "Poverty Line" refers to the minimum level of income deemed necessary to achieve:
Explanation: The Poverty Line refers to the minimum income level deemed necessary to achieve an adequate standard of living.
QUESTION 16 OF 29
The Economic Survey of India, presented annually before the Union Budget, is prepared under the guidance of the:
Explanation: The Economic Survey of India, presented before the Union Budget, is prepared under the guidance of the Chief Economic Advisor.
QUESTION 17 OF 29
The term "Capital Expenditure" in government budgeting refers to spending on:
Explanation: Capital Expenditure in government budgeting refers to spending on creation of assets like infrastructure.
QUESTION 18 OF 29
The term "Revenue Expenditure" in government budgeting refers to spending on:
Explanation: Revenue Expenditure in government budgeting refers to spending on day-to-day operations, salaries, and subsidies.
QUESTION 19 OF 29
The concept of "Public Debt" refers to the total amount of money owed by the:
Explanation: Public Debt refers to the total amount of money owed by the government to domestic and foreign creditors.
QUESTION 20 OF 29
The Sixteenth Finance Commission, dealing with revenue-sharing between Centre and States, submits recommendations for a period typically covering:
Explanation: The Finance Commission's recommendations on Centre-State revenue sharing typically cover a period of five years.
QUESTION 21 OF 29
The term "Disinvestment" versus "Privatization" differ primarily in that privatization typically implies:
Explanation: Privatization, unlike disinvestment, typically implies a complete transfer of control to private ownership.
QUESTION 22 OF 29
The term "Financial Inclusion" refers to efforts to ensure access to financial services for:
Explanation: Financial Inclusion refers to efforts to ensure access to financial services for all sections of society, especially underserved populations.
QUESTION 23 OF 29
GATT, the predecessor organization to the WTO, stands for:
Explanation: GATT, the WTO's predecessor, stands for General Agreement on Tariffs and Trade.
QUESTION 24 OF 29
The Amul cooperative model, a major success story in India's dairy sector, originated in which state?
Explanation: The Amul cooperative model, a major dairy sector success story, originated in Gujarat.
QUESTION 25 OF 29
The term "Cess" in Indian taxation refers to a tax collected for:
Explanation: A Cess in Indian taxation is a tax collected for a specific designated purpose, such as education or health.
QUESTION 26 OF 29
The term "Surcharge" in Indian taxation refers to an additional tax levied on:
Explanation: A Surcharge in Indian taxation is an additional tax levied on individuals or entities with income above a certain threshold.
QUESTION 27 OF 29
The Income Tax Act governing direct taxation of individuals and entities in India was enacted in which year?
Explanation: The Income Tax Act governing direct taxation of individuals and entities in India was enacted in 1961.
QUESTION 28 OF 29
The Central Board of Direct Taxes (CBDT) is responsible for the administration of:
Explanation: The Central Board of Direct Taxes (CBDT) is responsible for administering direct tax laws in India.
QUESTION 29 OF 29
The Central Board of Indirect Taxes and Customs (CBIC) is responsible for administering:
Explanation: The Central Board of Indirect Taxes and Customs (CBIC) administers GST, customs, and excise laws.
More Indian Economy topics
Planning & Five-Year Plans6 QBanking & Monetary Policy14 QBudget, Taxation & Fiscal Policy29 QNational Income & Economic Indicators18 QExternal Sector & Trade24 QFinancial Markets & Institutions21 QAgriculture & Rural Economy11 QIndustry, Startups & Reforms11 QFinancial Inclusion & Social Sector13 QEmployment, Poverty & Inequality10 Q