Search


What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’? ⦁ It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. ⦁ It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves. ⦁ It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below: (a) 1 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3

Posted by bhavishya kumar at 23 Sep 17 05:56:03am Views: 268

Answer (a)Goods and Service Tax is a major economic reform in India after the 1991 economic liberalisation. GST, proposed to be rolled out from 1st July 2017, will have a four-tier structure with rates ranging from 5% to 28%. But regrettably, a large chunk of the economy, which includes real estate, electricity, alcohol and petroleum products, is out of GST.It brings benefits to all the stakeholders of industry, government and the consumer.  It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses aspects. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction. This shifts the tax incidence near to the consumer and benefits the industry through better cash flow and better working capital management. It will not drastically reduce the ‘Current Account Deficit’ of India. It will not enormously increase the growth and size of economy of India and will not overtake China in the near future.  


Download Best SSC-CGL Notes




Most Recommended

Which railway station is used for immigration and customs of passengers who travel on the Thar Express between Pakistan and India? कस रेलवेटेशन का उपयोग याय केआवासन और सीमाशुक के लए कया जाता हैजो भारत और पाकतान के बीच थार एसेस मयाा करतेह? Options: 1) Jalal Marri जलाल मैरी 2) Zero Point शूय ब 3) Lal Pir लाल पीर 4) Gujar Garhi गुजर गरही

bhavishya kumar Views : 406

Which blood group is universal acceptor? कौन सा रसमूह सावभौमक वीकताहै? Options: 1) O+ 2) O– 3) AB– 4) AB+

bhavishya kumar Views : 402

Consider the first-order logic sentence F: V x(Ey R(x,y)) . Assuming non-empty logical domains. which of the sentences below are implied by F.

bhavishya kumar Views : 400

Which among the following carries impure blood to human heart? ननलखत मसेकौन मानव दय तक अशु रत पहुँचाता है? Options: 1) Aorta महाधमनी 2) Pulmonary vein फे फड़ेक नस 3) Pulmonary arteries फे फड़ेक धमनयाँ 4) Vena Cava महाशरा

bhavishya kumar Views : 400

Lucky Grahak Yojana' and 'Digi Dhan Vyapar Yojana' to give cash awards to the customers and merchants was launched by which government body? िकस सरकारी संथा ारा ाहकोंतथा ापारयों को नकद इनाम देनेके िलए 'ली ाहक योजना' तथा 'िडजी धन ापार योजना' का शुभारंभ िकया गया था? Options: 1) National Institution for Transforming India राीय भारत परवतन संथा 2) National Payments Corporation of India भारतीय राीय भुगतान िनगम 3) Financial Stability and Development Council िवीय थरता और िवकास परषद 4) Reserve Bank of India भारतीय रजवबक

bhavishya kumar Views : 399

20 March World Sparrow Day

bhavishya kumar Views : 395

The n-bit fixed-point representation of an unsigned real number X uses fbits for the fraction part. Let i = n — f. The range of decimal values for X in this representation is.

bhavishya kumar Views : 394

Strait of Malacca separates which two land masses? मलका जलडममय कन दो भूभाग को अलग करता है? Options: 1) Malay Peninsula and Indonesian Island of Sumatra मलय ायप तथा इंडोनशया का प सुमाा 2) Africa and Europe अका तथा यूरोप 3) India and Sri Lanka भारत तथा ीलंका 4) North America and South America उरी अमेरका तथा दणी अमेरका

bhavishya kumar Views : 393

Which neighbouring country of India is also reffered as 'Druk Yul'? भारत केकस पड़ोसी देश को 'क युल' सेभी संबोधत कया जाता है? Options: 1) Myanmar यांमार 2) Maldives मालदव 3) Bhutan भूटान 4) Afghanistan अफ़ग़ानतान

bhavishya kumar Views : 393

Which of the following is justiciable in nature? िननिलिखत मसेकौन सा वािभक प सेयायपणूहै? Options: 1) Fundamental Duties मौिलक कतय 2) Directive principles of state policy राय के िनदशक िसांत 3) Fundamental Rights मौिलक अिधकार 4) None of these इनमसेकोई नहीं

bhavishya kumar Views : 390


DNA and Genes

Genes are the blueprints of life. Genes control everything from hair color to blood sugar by telling cells which proteins to make, how much, when, and where. Genes exist in most cells. Inside a cell is a long strand of the chemical DNA (deoxyribonucleic acid). A ...Read more

What is Diabetes?

Diabetes mellitus (DM) is the body's inability to regulate the level of glucose in the blood. Glucose is the main form of sugar in the body. The body breaks down food into glucose and uses it as a source of energy. In healthy people insulin helps to regulate the glucose (suga...Read more

As Cyclone Ockhi Closes In On Gujarat, PM Modi Makes An Appeal: 10 Points

 Mumbai woke up to more rain this morning as Cyclone Ockhi passes by the coast of Maharashtra today before hitting land at around midnight as a deep depression near Surat in Gujarat. Prime Minister Narendra Modi, who said he was "continuously monitoring the situation" appeal...Read more