SECTION-5

Economics Multiple Choice Questions

 
Q21. MODVAT is related to       [UPPCS (Pre) 2011]

(A) Excise Duty
(B) Value Added Tax (VAT)
(C) Wealth Tax
(D) Income Tax

Ans:(B) Value Added Tax (VAT)

 

Q22. Which one of the following is not a tax/duty levied by the Government of India?
[UPPCS (Pre) 2013]

(A) Service Tax
(B) Education Cess
(C) Custom Duty
(D) Toll Tax

Ans:(D) Toll Tax

 

Q23. Consider the following taxes.
1. Corporation Tax
2. Customs Duty
3. Wealth Tax
4. Excise Duty
Which of these is/are indirect taxes?      [UPSC (Pre) 2001]

(A) Only 1
(B) 2 and 4
(C) 1 and 3
(D) 2 and 3

Ans:(B) 2 and 4

 

Q24. A redistribution of income in a country can be best brought through
[UPSC (Pre) 1997]

(A) Progressive taxation combined with progressive expenditure
(B) Progressive taxation combined with regressive expenditure
(C) Regressive taxation combined with regressive expenditure
(D) Regressive taxation combined with progressive expenditure

Ans:(B) Progressive taxation combined with regressive expenditure

 

Q25. The Minimum Alternate Tax (MAT) was introduced in the Budget of the Government of India for the year     [UPSC (Pre) 1997]

(A) 1991-92
(B) 1995-96
(C) 1993-94
(D) 1996-97

Ans:(D) 1996-97

 

Q26. Consider the following statements. In India, Stamp duties on financial transactions are
1. Levied and collected by the state
2. Appropriated by the Union Government
Which of these statement(s) is/are correct?       [UPSC (Pre) 2003]

(A) Only 1
(B) Only 2
(C) Both 1 and 2
(D) Neither 1 nor 2

Ans:(D) Neither 1 nor 2

 

Q27. Which of the following tax islevied by Union but collected and appropriated by States? [BPSC (Pre) 2017]

(A) Stamp Duties
(B) Passenger & Goods Tax
(C) Taxes on Newspapers
(D) None of the above/More than one of the above

Ans:(A) Stamp Duties

 

Q28. Service Tax in India was introduced in the year     [BPSC (Pre) 2015]

(A) 1994-95
(B) 1996-97
(C) 1998-99
(D) 1991-92

Ans:(A) 1994-95

 

Q29. The most important source of revenue for Indian Government is
[BPSC (Pre) 1992, 1995, 1996]

(A) Direct Tax
(B) Indirect Tax
(C) Deficit financing
(D) Loans from RBI

Ans:(A) Direct Tax

 

Q30. Consider the following statements. In India, taxes on transactions in Stock exchanges and Futures Markets are
1. Levied by the union
2. Collected by the States Which of the statement(s) given above is/are correct?
[UPSC (Pre) 2010]

(A) Only 1
(B) Both 1 and 2
(C) Neither 1 nor 2
(D) Only 2

Ans:(A) Only 1

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Read More Sections of Indian Economy Objective Questions

Each section contains maximum 80 Questions. To practice more questions visit other sections.
 

 Indian Economy Objective Questions – Section-1

 

 Indian Economy Objective Questions – Section-2

 

 Indian Economy Objective Questions – Section-3

 

 Indian Economy Objective Questions – Section-4

 

 Indian Economy Objective Questions – Section-5

 

 Indian Economy Objective Questions – Section-6

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