Current Affairs Quiz 13 July 2023
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Current Affairs Quiz 13 July 2023 for UPSC Prelims
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- Question 1 of 5
1. Question
Which of the following statements about Direct taxes are correct?
1. The incidence and impact of the direct tax fall on the same person.
2. The direct tax is regressive in nature
3. Income Tax, Corporation Tax and Wealth Tax are direct taxes
CorrectAns; – c) Only 1 and 3
Explanation; –
• The 2nd statement is incorrect because Direct taxes are progressive in nature.
About Direct Taxes
• The tax that is levied by the government directly on the individuals or corporations are called Direct Taxes.
• The incidence and impact of the direct tax fall on the same person.
• Income Tax, Corporation Tax and Wealth Tax are direct taxes
• They are progressive in nature.
• Both Social and Economical. Social objective of direct tax is the distribution of income. A person earning more should contribute more in the provision of public service by paying more tax. This provision is also known as progressive taxation.
• Not at all Inflationary the Direct tax.
IncorrectAns; – c) Only 1 and 3
Explanation; –
• The 2nd statement is incorrect because Direct taxes are progressive in nature.
About Direct Taxes
• The tax that is levied by the government directly on the individuals or corporations are called Direct Taxes.
• The incidence and impact of the direct tax fall on the same person.
• Income Tax, Corporation Tax and Wealth Tax are direct taxes
• They are progressive in nature.
• Both Social and Economical. Social objective of direct tax is the distribution of income. A person earning more should contribute more in the provision of public service by paying more tax. This provision is also known as progressive taxation.
• Not at all Inflationary the Direct tax.
- Question 2 of 5
2. Question
With reference to Global Multidimensional Poverty Index (MPI), which of the following statements is/are correct?
1. The Global Multidimensional Poverty Index (MPI) was developed in 2010 by the Oxford Poverty & Human Development Initiative (OPHI) and the United Nations Development Programme and uses health, education and standard of living indicators to determine the incidence and intensity of poverty experienced by a population.
2. The Global MPI is released Annually by UNDP and OPHI and the results published in their websites.
Select the correct answer using the code given below.CorrectAns: C
Global Multidimensional Poverty Index (MPI)
• The Global Multidimensional Poverty Index (MPI) was developed in 2010 by the Oxford Poverty & Human Development Initiative (OPHI) and the United Nations Development Programme and uses health, education and standard of living indicators to determine the incidence and intensity of poverty experienced by a population.
• The Global MPI is released Annually by UNDP and OPHI and the results published in their websites.
• The index is released at the High-Level Political Forum (HLPF) on Sustainable Development of the United Nations.Parameters
Global MPI is computed by assigning scores for each surveyed household on 10 parameters.
• Nutrition,
• Child mortality,
• Years of schooling,
• School attendance,
• Cooking fuel,
• Sanitation,
• Drinking water,
• Electricity,
• Housing,
• Household assets.IncorrectAns: C
Global Multidimensional Poverty Index (MPI)
• The Global Multidimensional Poverty Index (MPI) was developed in 2010 by the Oxford Poverty & Human Development Initiative (OPHI) and the United Nations Development Programme and uses health, education and standard of living indicators to determine the incidence and intensity of poverty experienced by a population.
• The Global MPI is released Annually by UNDP and OPHI and the results published in their websites.
• The index is released at the High-Level Political Forum (HLPF) on Sustainable Development of the United Nations.Parameters
Global MPI is computed by assigning scores for each surveyed household on 10 parameters.
• Nutrition,
• Child mortality,
• Years of schooling,
• School attendance,
• Cooking fuel,
• Sanitation,
• Drinking water,
• Electricity,
• Housing,
• Household assets. - Question 3 of 5
3. Question
Which of the following statements about Indirect Taxes are correct?
1. The tax that is levied by the government on one entity (Manufacturer of goods), but is passed on to the final consumer by the manufacturer.
2. The incidence and impact of the tax fall on different persons.
3. They are regressive in nature.CorrectAns;- d) All of the above
Explanation;-
• All of the statements are indirect taxes are correct.About Indirect Taxes
• The tax that is levied by the government on one entity (Manufacturer of goods), but is passed on to the final consumer by the manufacturer.
• The incidence and impact of the tax fall on different persons.
• VAT, Service tax, GST, Excise duty, entertainment tax and Customs Duty.
• They are regressive in nature.
• When an indirect tax is levied on a product, both rich and poor must pay at the same rate. A person earning 10 lakh a month pays the same tax on the Wheat purchase as the person earning 3000 Re a month. This principle is called regressive taxation.
• The Indirect tax is inflationaryIncorrectAns;- d) All of the above
Explanation;-
• All of the statements are indirect taxes are correct.About Indirect Taxes
• The tax that is levied by the government on one entity (Manufacturer of goods), but is passed on to the final consumer by the manufacturer.
• The incidence and impact of the tax fall on different persons.
• VAT, Service tax, GST, Excise duty, entertainment tax and Customs Duty.
• They are regressive in nature.
• When an indirect tax is levied on a product, both rich and poor must pay at the same rate. A person earning 10 lakh a month pays the same tax on the Wheat purchase as the person earning 3000 Re a month. This principle is called regressive taxation.
• The Indirect tax is inflationary - Question 4 of 5
4. Question
Which one of the following is not a feature of “Value Added Tax”?
CorrectAns;- d) It is basically a subject of the Central Government and the State Governments are only a facilitator for its successful implementation
Explanation;-
• The statement d is not a feature of VAT
• The value added tax was introduced as a n indirect tax into the Indian taxation system from April 1 2005.
• The existing general sales tax laws were replaced with the Value Added Tax Act 2005 and associated VAT rules.
• Haryana became the first state in the country that adopted the taxation on April 1 2003.
• As of 2 june 2014 , VAT has been implemented in all the states and Union territories of india.
VAT is for sates and CENVAT is for centre.IncorrectAns;- d) It is basically a subject of the Central Government and the State Governments are only a facilitator for its successful implementation
Explanation;-
• The statement d is not a feature of VAT
• The value added tax was introduced as a n indirect tax into the Indian taxation system from April 1 2005.
• The existing general sales tax laws were replaced with the Value Added Tax Act 2005 and associated VAT rules.
• Haryana became the first state in the country that adopted the taxation on April 1 2003.
• As of 2 june 2014 , VAT has been implemented in all the states and Union territories of india.
VAT is for sates and CENVAT is for centre. - Question 5 of 5
5. Question
With reference to the SAMARTH Scheme, consider the following statements:
1. Samarth (Scheme for Capacity Building in the Textile Sector) is a flagship skill development programme that the Cabinet Committee on Economic Affairs approved as a continuation of the Integrated Skill Development Program for the 12th Five Year Plan (FYP).
2. Office of the Development Commissioner (Handicrafts) is implementing the SAMARTH to offer skill training to handicraft artists.Which of the statements given above is/are correct?
CorrectAnswer: C
About SAMARTH Scheme
• Samarth (Scheme for Capacity Building in the Textile Sector) is a flagship skill development programme that the Cabinet Committee on Economic Affairs approved as a continuation of the Integrated Skill Development Program for the 12th Five Year Plan (FYP).
• Under the National Handicrafts Development Program’s component “Skill Development in Handicrafts Sector,” the Office of the Development Commissioner (Handicrafts) is implementing the SAMARTH to offer skill training to handicraft artists.Objectives:
• To offer demand-driven, job-focused skill-upgrading programmes to encourage industry efforts to create jobs in organised textile and related sectors, as well as to promote skilling and skill upgradation in the traditional sectors through the relevant sectoral divisions/organizations of the Ministry of Textile.
• To give all societal groups in the nation a means of support.IncorrectAnswer: C
About SAMARTH Scheme
• Samarth (Scheme for Capacity Building in the Textile Sector) is a flagship skill development programme that the Cabinet Committee on Economic Affairs approved as a continuation of the Integrated Skill Development Program for the 12th Five Year Plan (FYP).
• Under the National Handicrafts Development Program’s component “Skill Development in Handicrafts Sector,” the Office of the Development Commissioner (Handicrafts) is implementing the SAMARTH to offer skill training to handicraft artists.Objectives:
• To offer demand-driven, job-focused skill-upgrading programmes to encourage industry efforts to create jobs in organised textile and related sectors, as well as to promote skilling and skill upgradation in the traditional sectors through the relevant sectoral divisions/organizations of the Ministry of Textile.
• To give all societal groups in the nation a means of support.