PAPER - V

ECONOMICS OF TAXATION AND GENERAL LAWS OF TAXATION

PART – A – ECONOMICS OF TAXATION

SECTION – A
(Fill in the blanks - Answer ALL questions)

01. Adam Smith developed -------------- (no.) of canons of taxation

02. --------------------------refers to the loans floated inside the country
03. The excess of capital expenditure over capital receipt is called -------------------
04. Taxes which can be shifted are called --------------- and those which cannot be
shifted are called -----------------------
05. Financial year starts from ------------------------ to ----------------------------------
06. -------------------------- is the initial burden of tax
07. -------------------------- is the Chairman of 14th Finance Commission
08. -------------------------- and ---------------------- are two kinds of public debt
09. In the system of ------------------- taxation, tax rates remain the same as the tax base
increases
10. -------------------------- tax is a major source of revenue of State Government
11. --------------------------- is a tax levied on the land holdings of the people
12 --------------------------decides the transfer of non-plan funds from the Centre to
the States.
13. -------------- developed canons of taxation
14. The process of transferring tax burden is called ------------------------
15. -------------------------- is the Chairman of 15th Finance Commission
16. -------------------------- and ---------------------- are two kinds of public expenditure
17. In the system of ------------------- taxation, tax rate increases as the tax base
increases
18. Expand the term NITI Aayog---------------------------------------
19. ------------------------- recommends the percentage of the net proceeds of the taxes
which may be divided between the union and the States.
20. Budgetary deficit plus borrowing and other liabilities is called ------------
21 --------------------------refers to the loans floated outside the country
22. The excess of revenue expenditure over revenue receipt is called -------------------
23 Minimizing the interest cost of servicing public debt is the important principle of-------
24. -------------------------- is the Chairman of NITI Aayog
25. -------------------------- and ---------------------- are two kinds of public revenue
26. In the system of ------------------- taxation, tax rate increases as the tax base
Increases
27. -------------------------- is the final burden of tax

28. -------------------------- tax on value added of goods and services

29.-----------------is tax on the net profits of companies
30 ----------------- developed HSN code
31--------digits of HSN code is required to use when annual turnover more than one
crore fifty lakhs and upto five crores under GST
32. .--------digits of HSN code is required to use when annual turnover more than five
crores under GST
33.Those dealers who are into imports or exports shall mandatorily follow-------digit HSN
Codes
34. Expand HSN ----------------------------------------------------------
35. First 2 digits of HSN denotes--------------------
36. Four Digits of HSN denotes-----------------------
37.Six digits of HSN denotes------------------------
38. Eight digits of HSN denotes -------------------
39 Fiscal Deficit minus Interest Payment means -----------------
40. -------------------------- tax on value added of goods
41. ----------HSN digits are being used for turnover upto one crore and fifty lakhs
42.Expand SAC --------------------------------
43.--------digits of HSN code is required to use when annual turnover upto one crore fifty
lakhs under GST
44. -------------------------- acts as a medium of tax shifting
45.-------------------------is the highest GST rate of tax in India

(Marks = 20)

SECTION – B
(Answer ANY TWO Questions in not more than one and a half pages each)
46. What are the different kinds of public Expenditure and its importance in an
economy?
47. What are the different theories of tax shifting?
48. Explain the various roles of taxation.
49. Explain the criteria and weight of 14th Finance Commission
50. What are the different theories of tax incidence?
51. What are the different kinds of debt?
52. Explain Goods and Services Tax
53.Explain different kinds of deficits?
(2x5 = 10 Marks)

SECTION – C
(Answer ANY ONE Question in more than four pages)
54. Analyse the different tax and non-tax revenue sources of Government of Kerala.
55. Critically analyse the canons of taxation and its relevance in the Indian context?
56. Analyse the different tax and non-tax revenue sources of Government of India?

(1x20 = 20 Marks)