EXERCISE
1. The three levels of governments in India are
a) Union, state and local
b) Central, state and village
c) Union, municipality and panchayat
d) None of the above
Ans: (a)
2. In
India, taxes are including
a) Direct taxes
b) Indirect taxes.
c) Both (a) and (b)
d) None of these
Ans: (c)
3. Which
is the role of government and development policies?
a) Defence
b) Foreign policy
c) Regulate the economy
d) all of above
Ans: (a)
4. The most common and important tax levied on an
individual in India is
a) Service tax
b) Excise duty.
c) Income tax
d) Central sales tax
Ans: (c)
5. Under which tax one nation, one uniform tax is
ensured
a) Value added tax (VAT)
b) Income tax
c) Goods and service tax
d) Sales tax
Ans: (c)
6. Income tax was introduced in india for the first
time in the year __________ .
a) 1860
b) 1870
c) 1880
d) 1850
Ans: (a)
7. __________ tax is charged on the benefits
derived from property ownership.
a) Income tax
b) Wealth tax
c) Corporate tax
d) Excise duty
Ans: (b)
8. What are identified as causes of black money?
a) Shortage of goods
b) High tax rate
c) Smuggling
d) All of above
Ans: (d)
1. Tax is levied by government for the
development of the state’s economy.
2. The origin of the word ‘tax’ is from the word Taxation.
3. The burden of the Direct tax cannot be
shifted to others.
4. The Goods and Service Tax act came into effect
on 1 July 2017.
5. The unaccounted money that is concealed from the
tax administrator is called Black Money.
1. Which of the following statement is correct
about GST?
i) GST is the ‘one point tax’.
ii) This aims to replace all direct taxes levied on
goods and services by the Central and State governments.
iii) It will be implemented from 1 July 2017
throughout the country.
iv) It will unified the tax structure in India.
a) (i) and (ii) are correct
b) (ii), (iii) and (iv) are correct
c) (i), (iii) and (iv) are correct
d) All are correct
Ans: (c)
1. Income Tax - Value added tax
2. Excise duty - 1 July 2017
3. VAT - Smuggling
4. GST - Direct tax
5. Black money - Indirect tax
Answer:
1. Income Tax - Direct tax
2. Excise duty - Indirect tax
3. VAT - Value added tax
4. GST -
5. Black money - Smuggling
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