Tag: government budget and taxation

Questions Related to government budget and taxation

The practice of RBI lending to government through ad hoc treasury bills is _______.

  1. currently is vogue

  2. abolished

  3. will soon be abolished

  4. none of above


Correct Option: B

Which of the following are direct taxes?
I. Income tax
II. Goods & Service Tax
III. Gift Tax
IV. Custom Duty

 V. Wealth tax. 

  1. II, IV &V only

  2. I only

  3. I & III only

  4. I, III &V only


Correct Option: D

GDP at factor cost = ___________.

  1. GDP at market price + Subsidies

  2. GDP at market price + Subsidies - Indirect tax

  3. GDP at market price - Subsidies - Indirect tax

  4. GDP at market price + Subsidies + Indirect tax


Correct Option: B

Which of the following equation is correct?

  1. Value at Factor Cost + Indirect Tax - Subsidies = Value at market prices

  2. Value at Factor Cost - Indirect Tax - Subsidies = Value at market prices

  3. Value at Factor Cost + Indirect Tax + Subsidies = Value at market prices

  4. Value at Factor Cost - Indirect Tax + Subsidies = Value at market prices


Correct Option: A

Excise Duty, Customs Duty, Service Tax, Sales Tax, Purchase Tax, Entry Tax, etc. are examples of ______________.

  1. direct taxes

  2. indirect taxes

  3. both (a) and (b)

  4. neither (a) nor (b)


Correct Option: B

In which year Income Tax was first introduced ________.

  1. 1860

  2. 1873

  3. 1948

  4. 1950


Correct Option: A

Income Tax is an example of ____________.

  1. direct tax

  2. indirect tax

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: A

Which of the following is a Direct Tax?

  1. Property Tax

  2. Income Tax

  3. Sales Tax

  4. Custom Duty


Correct Option: B

Which of these is a Direct Tax item?

  1. Customs Duty

  2. Excise Duty

  3. Service Tax

  4. Wealth Tax


Correct Option: D

_____________ are directly incurred and paid by the person concerned. 

  1. Direct Taxes

  2. Indirect Taxes

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: A