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Topics >>Civil Services >>Questions on General Economics and Indian Economy -03/17/15
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a. Corporation tax
c. Capitation taxes
d. Land revenues
d. A and b only
Taxes on railway freights and fares and Stamp duties on financial documents are union taxes while tolls
are state tax
i. Central government does not have exclusive power to impose tax which is not
mentioned in state or concurrent list.
ii. The constitution also provides for transferring certain tax revenues from union list
to states.
a. I only
b. ii only
c. both
d. none
ANSWER: b. ii only
Central government has exclusive power to impose tax which is not mentioned in state or concurrent
list.
b. Interest tax
c. Wealth tax
d. Corporation tax
It is based on the principle of ability to pay. The tax levied by the union government on income of
individuals is known as income tax.
b. Interest tax
c. Wealth tax
d. Corporation tax
The tax on net income of companies is corporate tax. Tax rates are uniform for all categories of
companies.
a. I only
b. ii only
c. both
d. none
ANSWER: b. ii only
Wealth tax is collected from unproductive assets only. Estate duty was abolished in 1985.
7. Which of the following taxes is/are withdrawn or abolished?
a. Interest tax
b. Estate duty
c. Gift tax
Interest tax was withdrawn in 2000-01, estate duty abolished in 1985 and gift tax in 1998-99.
a. Sales tax
b. Service tax
c. Excise duty
Sales tax is the tax on sale of goods and is influenced by the value added tax system.
9. The tax levied on the interstate trade of goods is
a. Sales tax
b. Excise tax
c. Service tax
The tax levied on the interstate trade of goods is the central sales tax.
10. Consider the following statements and identify the right ones.
a. I only
b. ii only
c. both
d. none
ANSWER: b. ii only
The 14th finance commission was appointed in 2013. It is headed by Y V Reddy.
a. Revenue deficit
b. Fiscal deficit
c. Budget deficit
d. Primary deficit
12. The difference between revenue deficit and grants for creation of capital assets is called
a. Fiscal deficit
b. Budget deficit
d. Primary deficit
a. Fiscal deficit
b. Budget deficit
c. Primary deficit
d. Revenue deficit
14. The difference between total expenditure and total receipts except loans and other liabilities is
called
a. Fiscal deficit
b. Budget deficit
c. Primary deficit
d. Revenue deficit
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Fiscal deficit= total expenditure-total receipts except loans and other liabilities.
15. The difference between fiscal deficit and interest payment during the year is called
a. Fiscal deficit
b. Budget deficit
c. Primary deficit
d. Revenue deficit
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Discussion
Q2 is in the negative that is not in central list but answer is given for central list
Sir,
It is very nice post . I want more MCQ for departmental examination on chapter like Public debt,Public
expenditure Public budget,balanced budget, fiscal policy, federal finance etc.
Yours faithfully
Tapash chakraborty
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