Graduate Level Indian Economy
GST, Taxation & Financial Literacy
15 questions on GST, income tax, banking, and financial concepts.
GST, Taxation & Financial Literacy
15 questions · 10 minutes
10:00
Q1.GST Constitutional Amendment:
Explanation: 101st Amendment (2016). Implemented 1 July 2017.
Q2.GST Council chaired by:
Explanation: Union FM chairs GST Council. Includes all state FMs.
Q3.GST replaces:
Explanation: Replaced VAT, Service Tax, Excise Duty, etc. — 'One Nation One Tax'.
Q4.GST has how many tax slabs?
Explanation: 5 slabs: 0%, 5%, 12%, 18%, 28%.
Q5.Income Tax is a:
Explanation: Direct Tax — paid by the person on whom it's levied. Cannot be shifted.
Q6.GST is a:
Explanation: Indirect Tax — shifted to the consumer.
Q7.PAN stands for:
Explanation: PAN = Permanent Account Number (10-digit alphanumeric by Income Tax dept).
Q8.TDS stands for:
Explanation: TDS = Tax Deducted at Source — tax deducted from salary/payment before it reaches you.
Q9.FDI stands for:
Explanation: FDI = Foreign Direct Investment — foreign companies investing in Indian businesses.
Q10.FEMA stands for:
Explanation: FEMA 1999 replaced FERA. Governs foreign exchange transactions in India.
Q11.SLR stands for:
Explanation: SLR = % of deposits banks must maintain in liquid assets (gold, govt securities).
Q12.Fiscal deficit =
Explanation: Fiscal deficit = total govt expenditure - total govt income (excluding borrowings).
Q13.Which body collects Income Tax?
Explanation: CBDT (Central Board of Direct Taxes) under Ministry of Finance.
Q14.Which body collects GST?
Explanation: CBIC (Central Board of Indirect Taxes and Customs).
Q15.Inflation means:
Explanation: Inflation = sustained increase in general price level → reduces purchasing power of money.
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