introduction to indian economy section 14 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (d)

A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax.

Sales tax can be levied either by the Central or State Government or Central Sales tax department.

The revenue from this tax was assigned to the States by amending Article 269 of the Constitution.

Thus, sale within the State (IntraState sale) is within the authority of State Government, while sale outside State (Inter-State sale) is within the authority of Central Government.

Answer: (c)

ICICI Bank has adopted Akodara village of Sabarkantha district under its ‘Digital Village’ pilot project to boost Centre’s ‘Digital India’ drive.

Answer: (b)

As defined by the Brundtland Commission in its 1987 report Our Common Future, sustainable development is the “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

Answer: (b)

The Central Indian Government that is officially named the “Union Government” is responsible for the imposition of both direct taxes as well indirect taxes.

Listed below are some of the taxes that are levied by the Indian Government:

1. Banking Cash Transaction Tax;
2. Capital Gains Tax;
3. Corporate Income Tax;
4. Fringe Benefits Tax;
5. Personal Income Tax; and
6. Securities Transaction Tax.

The indirect taxes are:

1. Customs Duty;
2. Excise Duty and
3. Service Tax.

Answer: (c)

In 1969, 14 major private commercial banks were nationalized. This was followed by a second phase of nationalization in 1980, when Government of India acquired the ownership of 6 more banks, thus bringing the total number of nationalized Banks to 20.