taxes types, methods & budgeting process section 1 MCQ Questions & Answers Detailed Explanation
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The following question based on Taxes Types, Methods & Budgeting Process topic of indian economy mcq
(a) The National Development Council
(b) The Inter-State Council
(c) The Finance Commission
(d) The Constitution of India
The correct answers to the above question in:
Answer: (d)
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Question : 1
Service Tax in India was introduced in the year
a) 1996-97
b) 1998-99
c) 1994-95
d) 1991-92
Answer »Answer: (c)
Question : 2
Fiscal Policy in India is formulated by
a) the Finance Ministry
b) the Reserve Bank of India
c) the Planning Commission
d) the Securities and Exchange Board of India
Answer »Answer: (a)
The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
Question : 3
Consider the following statements. In India, Stamp duties on financial transactions are
- Levied and collected by the state
- Appropriated by the Union Government
a) Only 2
b) Both 1 and 2
c) Only 1
d) Neither 1 nor 2
Answer »Answer: (d)
Question : 4
Of the following taxes which one is not levied by State Governments?
a) State Excise Duty
b) Agricultural Income Tax
c) Entertainment Tax
d) Corporation Tax
Answer »Answer: (d)
Question : 5
Which department decides the outlay for Centrally Sponsored Scheme (CSS)
a) Public Finance Division under department of Expenditure
b) Economic Division under department of Economic Affairs
c) NITI Aayog
d) None of the above
Answer »Answer: (a)
Public Finance (Central) Division under Department of Expenditure, Ministry of Finance in consultation with the Budget Division, Department of Economic Affairs, Ministry of Finance decides the outlay for Centrally Sponsored Schemes (CSS) and Central Sector Schemes.
Question : 6
The Public Debt of the Government of India includes which of the following:
- Treasury Bills
- External Commercial Borrowing (ECB)
- NRI deposits
- Foreign Direct Investment in India (FDI)
a) (i) & (iii) only
b) (i), (ii) & (iii) only
c) (i) only
d) (ii) & (iv) only
Answer »Answer: (c)
Public Debt of Govt. of India is Central Government's internal and external debt.
Treasury Bill is Govt. of India's debt because these are bonds issued by GoI.
ECB and FDI relates to companies and PSUs. And NRI deposits are in banks and it is not a debt of Govt. of India.
So, only (i) statement is correct.
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