Tag: government budget and taxation

Questions Related to government budget and taxation

In a developing economy ________ plays a role.

social science government and taxes types of tax types of taxes government budget and taxation

  1. no taxation

  2. regressive taxation

  3. progressive taxation

  4. proportional taxation

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Correct Option: C

Which of the following is true about service tax in India?

social science government and taxes types of tax types of taxes government budget and taxation

  1. It was started in 1994-95

  2. Currently its rate is 15%

  3. It is the biggest contributor of Indian GDP

  4. All of the above are true

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Correct Option: D

A tax that takes away a higher proportion of ones income, as the income rises is termed as __________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Progressive Tax

  2. Proportional tax

  3. Regressive tax

  4. Indirect tax

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Correct Option: A

Which of the following taxes are included in price?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Direct tax

  2. Wealth tax

  3. Income tax

  4. Indirect tax

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Correct Option: D

Direct tax is _________ in nature.

social science government and taxes types of tax types of taxes government budget and taxation

  1. progressive

  2. regressive

  3. indifferent

  4. substantial

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Correct Option: A

$GDP FC = GDP _MP$ - ____+ Subsidies.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Indirect tax

  2. Depreciation

  3. Amortization

  4. NFIA

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Correct Option: A

In India, we have __________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Direct Taxes

  2. Indirect Taxes

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: C

CENVAT stands for _________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Common Entity Value Added Tax

  2. Corporate Entities Value Added Tax

  3. Central Value Added Tax

  4. none of the above

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Correct Option: C
Explanation:

CENVAT stands for Central Value Added Tax.

Find the correct statement.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Share of direct is more than indirect tax in total tax revenue of Government

  2. Share of indirect is more than direct tax in total tax revenue of Government

  3. GST is direct tax

  4. None of the above

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Correct Option: B

At present, Direct Taxes in India consist of ______________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Income Tax

  2. Wealth Tax

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: C