Question 1:
A)Such exclusion makes no sense. Electricity duty can be as high as 25-30% in a few states, but the average is about 8% levied on consumers.
B)— an important sector like electricity is to remain outside the GST regime for the foreseeable future. C)One glaring anomaly in the forthcoming rollout of the goods and services tax (GST) is that electricity duty remains outside its purview.
D)While scores of central and state taxes are to be done away with to usher in GST — so as to modernise the indirect tax regime, eschew cascading taxes on inputs, with set-offs provided for taxes already paid in the value chain
a) DCAB
b) ACBD
c) CDBA
d)BCDA
Question 2:
A)Further, the Finance Act of 1994, in section 66D, lists transmission and distribution (T&D) of electricity in the negative list of services.
B)Note that the GST Act defines ‘work contracts’ as services. And the power sector is essentially a mesh of contracts for engineering, procurement,
C)So, no input tax credit is possible for T&D activity either. Keeping electricity outside GST is not international practice.
D)construction (EPC) to generate electricity, boost energy efficiency and shore up renewable power. Yet, input tax credit would not be available on EPC contracts, with electricity outside the GST regime.
a) ADCB
b) DCBA
c) ABDC
d) BDAC
Question 3:
A) The meet saw the US and the remaining six disagree on how to deal with globalisation, differing on climate change, trade, migration, and on dealing with rule-breakers such as Russia, whom the G7 had sanctioned for annexing Crimea.
B)The first meet of the leading western powers after US President Donald Trump’s election, the G7’s Taormina summit, saw the collapse of the erstwhile ‘free world’ wrought during the cold war.
C)The differences are on expected lines. The Trump administration’s conviction that the US does much more for the world than it should was evident at the meet.
D)Russia will celebrate, but not as delightedly as China.
a) BDAC
b) ABCD
c) CADB
d) CABD
Question 4:
A)The consolidated gross fiscal deficit to the state GDP (GFD – GSDP) ratio in 2015-16 (RE) breached the 3 per cent ceiling of fiscal prudence for the first time since 2004-05, showing the worsening of state finances.
B)Data comes with a lag but a slippage is also expected in 2016-17. At a combined fiscal deficit of about 7 per cent, Centre and states put together, India’s fiscal deficit is large.
C)The consequences of fiscal imprudence — inflation, widening of the current account deficit and erosion of investor faith — will be adverse for the country.
D)The 2016-17 edition of the RBI’s study on state budgets has rightly warned states to claw back to the path of fiscal consolidation and lower their debt burden.
a) ACDB
b) DABC
c) ACBD
d) ADCB
Question 5:
A)The modus operandi — anonymous people deposited and swiftly transferred crores of rupees in the society’s accounts in the names of slum dwellers — reflects poor regulatory oversight.
B)Multi-state cooperative credit societies, which accept deposits only from, and give loans to, members, are regulated by the central registrar under the agriculture ministry.
C)A report in ET by Sugata Ghosh shows how income-tax sleuths have unearthed a case of large-scale money laundering through a multi-state urban cooperative credit society’s account
D)The civil servant in charge, typically a joint secretary-level officer, is ill-equipped and does not have the wherewithal to handle supervision.
a) ABCD
b) DCBA
c)CADB
d)CABD
ANSWERS:
1) c) CDBA
‘C’ will be the first sentence after rearrangement as it introduces about the anomaly(something that deviates from what is standard, normal, or expected.) i.e. electricity duty . Next sentence will be ‘D’ as the author expresses his doubts of modernization of indirect taxes on one hand and exclusion of an important sector on the other hand ,followed by the sentence A .
2) d)BDAC
‘B ‘will give a start to the paragraph , as it talks about mesh of contracts in the power sector and followed by D as it continues naming the contracts and stating no input credit tax .
‘A ‘gives supporting statement for ’D’ and’ C’ concludes the paragraph .
3) a) BDAC
B introduces the paragraph about the meeting of the G7 members after trump elected as president ,AC link can be easily traced as it talks about differences on various parameters . D cannot come at the end or beginning it fits perfectly after B
4) b)DABC
D will be the first sentence as it talks about RBI warning states on fiscal prudence and debt burden , supported by the statement ‘A’ . BC link can be made as large fiscal imprudence leads to mentioned consequences in the ‘C’ sentence
5) d) CABD
C gives a start to the paragraph ,A states the modus operandi people followed to money launder and shows how the civil servants are ill equipped to handle it .
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