Indian economy
- Which of the following is a direct tax? Answer: C. Income tax Answer: (C) Income tax A direct tax is paid by the person on whom it is levied, such as income tax or corporation tax.... 1
- Where is the headquarters of the Asian Development Bank (ADB)? Answer: A. Manila Answer: (A) Manila The ADB, set up in 1966, has its headquarters in Mandaluyong, Metro Manila, Philippines. The Asian Infr... 1
- The Cash Reserve Ratio (CRR) is the share of a bank's net demand and time liabilities that the bank must keep as: Answer: D. a cash balance with the RBI Answer: (D) a cash balance with the RBI Under CRR, banks keep a set share of their deposits as cash w... 1
- The fiscal deficit of the government is equal to: Answer: C. total expenditure minus total receipts excluding borrowings Answer: (C) total expenditure minus total receipts excluding borrowin... 1
- Who is the chairperson of the GST Council? Answer: A. The Union Finance Minister Answer: (A) The Union Finance Minister Under Article 279A, the GST Council is chaired by the Union Fin... 1
- The Goods and Services Tax (GST) came into force in India on: Answer: B. 1 July 2017 Answer: (B) 1 July 2017 GST was launched at midnight on 30 June–1 July 2017, replacing many indirect taxes. 1
- NITI Aayog, which replaced the Planning Commission, came into existence on: Answer: C. 1 January 2015 Answer: (C) 1 January 2015 NITI Aayog (National Institution for Transforming India) was set up on 1 January 2015,... 1