public finance fiscal & monetary policy section 7 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 7 EXERCISES
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The following question based on Fiscal Policy, Public Finance and Monetary Policy topic of indian economy mcq
(a) the incidence and impact are on the same person on whom tax is imposed.
(b) direct relationship between tax payer and the government.
(c) there is not direct relationship between the tax payer and the government.
(d) tax base is income
The correct answers to the above question in:
Answer: (c)
The term indirect tax has more than one meaning.
In the colloquial sense, an indirect tax (such as sales tax, a specific tax, value-added tax (VAT), or goods and services tax (GST)) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
The intermediary later files a tax return and forwards the tax proceeds to the government with the return.
In this sense, the term indirect tax is contrasted with a direct tax which is collected directly by the government from the persons (legal or natural) on which it is imposed.
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Question : 1
Consider the following statements in regard to the goods and service tax:
- If GST being levied then excise, VAT, Octroi, Service Tax, etc. will likely go away to make a single taxation system.
- GST in India will be divided between the state & centre.
a) None
b) 2 only
c) 1 only
d) 1 and 2 both
Answer »Answer: (d)
It GST being levied then excise, VAT, Octroi, Service Tax etc will likely go away to make a single taxation system. GST in India will be divided between state & centre.
Question : 2
Under-writting refers to
a) an act of insuring risk
b) under selling
c) under estimation
d) winding up the business
Answer »Answer: (a)
The word "underwriter" is said to have come from the practice of having each risk-taker write his or her name under the total amount of risk that he or she was willing to accept at a specified premium.
In a way, this is still true today, as new issues are usually brought to market by an underwriting syndicate in which each firm takes the responsibility (and risk) of selling its specific allotment.
Question : 3
Which one of the following is not a ‘canon of taxation’ according to Adam Smith ?
a) Canon of economy
b) Canon of simplicity
c) Canon of certainty
d) Canon of convenience
Answer »Answer: (b)
In this book, titled ‘The Wealth of Nations, ‘Adam smith only gave four canons of taxation:
- canon of equity;
- canon of certainty;
- canon of convenience; and
- canon of the economy.
Question : 4
In which of the following years, did govt introduce Minimum Alternate tax on companies?
- 1996
- 1949
- 1972
- 2005
a) 1 only
b) 3 only
c) 2 only
d) 4 only
Answer »Answer: (a)
In 1996, govt introduced minimum Alternate tax (MAT) on companies which escaped the corporation tax net by using the provisions of exemptions, deductions incentives, deprecation and so on
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