taxes types, methods & budgeting process section 2 MCQ Questions & Answers Detailed Explanation
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The following question based on Taxes Types, Methods & Budgeting Process topic of indian economy mcq
- Taxes need to be paid at each point in the value chain
- It will have an input tax credit mechanism
- The total taxes will be passed on to the consumers
(a) (i) & (iii) only
(b) (ii) & (iii) only
(c) (i) & (ii) only
(d) All of the above
The correct answers to the above question in:
Answer: (d)
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Read more taxes types methods budgeting process Based Indian Economy Questions and Answers
Question : 1
Which of the following is not a direct tax in India?
a) Wealth Tax
b) Estate duty
c) Income Tax
d) Sales Tax
Answer »Answer: (d)
Question : 2
Consider the following statements regarding 'Contingency Fund of India'
- The fund is at the disposal of the president of India
- The fund is at the disposal of the Prime Minister of India
- The funds spent shall ultimately be approved by the parliament
- The funds spent are recouped from the Consolidated Fund of India
a) (ii) & (iv) only
b) (i), (iii) & (iv) only
c) (i) only
d) (i) & (iv) only
Answer »Answer: (b)
This fund is in the nature of an imprest (a fixed fund for a specific purpose) account and is kept at the disposal of the President of India (by the Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs) to enable the government to meet unforeseen expenses pending authorization by the Parliament.
The money is used to provide immediate relief to victims of natural calamities and also to implement any new policy decision taken by the Government pending its approval by the Parliament.
Question : 3
Tax revenue collection in our country mainly depends on which of the following:
- Nominal GDP
- Real GDP
a) (ii) only
b) Both (i) & (ii)
c) (i) only
d) Neither (i) nor (ii)
Answer »Answer: (c)
Most of the taxes in the country are imposed on value (Quantity X Price) and not on quantity.
So, tax revenue collection depends on the value of production i.e. Nominal GDP
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