Latest Economics Questions for IAS Prelims - Set 3
1. Which of the following is part of priority sector lending?1. Education
2. renewable energy
3. Personal loans
4. social infrastructure
5. Medium enterprises
6. Export Credit
7. Housing
8. Credit cards
a) 1,2,5,7,8
b) 1,2,3,7,8
c) 1,3,4,5,6,7
d) 1,2,3,5,7,8
View Answer / Hide Answer2. Consider the following statements about priority sector lending1.All banks have to lend at least 40% of their net credit to the priority sector
2.Foreign banks with less than 20 branches will move to total priority sector target of 40 percent by 2019-20.
Which of the above statements are correct?a) Only 1
b) Only 2
c) Both
d) None
View Answer / Hide Answer3. Consider the following statements about GST1. Both Central and State taxes will be collected at the point of sale.
2. The Central and State GST will be charged on the manufacturing cost.
Which of the above statements are correct?a) Only 1
b) Only 2
c) Both
d) None
View Answer / Hide Answer4.Consider the following statements related to GST bill1. The Centre will have one third weight in the GST Council while the states will have the remaining two-thirds and decisions will have to be passed with 75% vote.
2. Petroleum and Alcohol os excluded from GST
Which of the above statements is/are correct?a) Only 1
b) Only 2
c) Both
d) None
View Answer / Hide AnswerANSWER: b) Only 2
GST is an indirect tax levy on manufacture, sale and consumption of goods as well as services at a national level. The decision to keep petroleum out of GST for the time being will also lower the revenue neutral rate (RNR), at which both the Centre and states will not make a loss. Alcohol will also be excluded from GST,
1. It is a duty free enclave to be treated as foreign territory for the purpose of trade operations and duties and tariffs.
2. The corporation in SEZs will not have to pay any income tax on their profits for the first five years and only 50% of the tax for 2 more years thereafter.
3. A SEZ does not require a license for exports.
Which of the above statements are true?a) 1,2
b) 2,3
c) 1,3
d) All the above
View Answer / Hide AnswerANSWER: a) 1, 2
A SEZ does not require a license for imports.
