taxes types, methods & budgeting process section 2 Practice Questions Answers Test with Solutions & More Shortcuts

Question : 26 [CDS-2013-I]

Which of the following are included in the category of direct tax in India?

1. Corporation tax
2. Tax on income
3. Wealth tax
4. Customs duty
5. Excise duty

a) 2 and 3

b) 1, 2 and 3

c) 1, 2, 4 and 5

d) 1, 3, 4 and 5

Question : 27

Fiscal Deficit of the Government of India is equal to which of the following:

a) Non-Debt capital receipts

b) Debt and non-debt capital receipts

c) Debt creating capital receipts

d) Capital receipts less of revenue receipts

Question : 28

The Minimum Alternative Tax (MAT) was introduced in the budget of the Government of India for the year?

a) 1995-96

b) 1991-92

c) 1992-93

d) 1996-97

Question : 29

Consider the following statements regarding Goods and Services Tax (GST):

1. GST is a value-added tax
2. GST is a multipoint destination-based tax

a) (ii) only

b) Both (i) & (ii)

c) (i) only

d) Neither (i) nor (ii)

Question : 30

Consider the following statements regarding the Fifteenth Finance Commission (FFC) recommendations:

1. For horizontal devolution, the population of the 2011 Census will be considered
2. There are six parameters for horizontal devolution out of which ‘Tax Effort’ is one

a) (ii) only

b) Both (i) & (ii)

c) (i) only

d) Neither (i) nor (ii)