Indian Economy GK Questions with Answers – Page 48

It was levied on the net wealth of individuals, Hindu undivided families and companies, but it collected very little compared with the effort of assessing it, so it was withdrawn in 2015 and replaced by an additional surcharge on very high incomes.

France adopted the value added tax in 1954, and the idea of taxing only the value added at each stage, with credit for the tax paid earlier, spread from there to most of the world.

It is levied and collected by the Government of India on inter-state supplies under Article 269A, and the proceeds are apportioned between the Union and the state where the goods or services are consumed, which is what makes GST a destination-based tax.

The definition of goods and services tax inserted by the hundred and first amendment expressly excludes it, so states continue to levy state excise and value added tax on liquor, and it is a major source of their own revenue.

Under it the President constitutes the GST Council, which is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and a minister nominated by each state.

It inserted Article 246A, Article 269A and Article 279A and made the sharing of taxing power between the Union and the states possible, so that both could tax the same supply.

GST was rolled out at a midnight session of Parliament and the date is now observed every year as GST Day.

It is the foundation of the whole tax system, because it means the executive cannot demand money from a citizen without a law passed by the competent legislature.

A gift tax is charged on the transfer of money or property from one person to another without consideration; it is a tax on a transfer between persons, not on any sale of goods or supply of services.

GST is charged on the supply of goods and services, and although the registered supplier deposits it with the government, the amount is recovered from the buyer in the price.

The Planning Commission was set up in March 1950 by a resolution of the Union Cabinet, not by the Constitution or by an Act of Parliament, so it was an extra-constitutional and non-statutory body.

The Reserve Bank of India issued the fifty-rupee note of the Mahatma Gandhi (New) series in August 2017 with fluorescent blue as its base colour.

Sericulture is the rearing of silkworms to produce raw silk. Mulberry or other host plants are grown, the worms are fed on the leaves until they spin cocoons, and the cocoons are then boiled and reeled into thread.

The Monopolies and Restrictive Trade Practices Act was passed in 1969 and came into force on 1 June 1970. It followed the report of the Dutt Committee on industrial licensing, which found that economic power had gathered in a few business houses.

Estimates of poverty and unemployment in India rest on the large sample surveys of the National Sample Survey Office, which since 2019 works as part of the National Statistical Office under the Ministry of Statistics and Programme Implementation.

India's literacy rate at independence in 1947 is put at about 12 per cent. Colonial education reached only a thin urban layer, and the figure for women was far lower, around six per cent.

The SENSEX tracks thirty large, well traded companies listed on the BSE. The name is short for Sensitive Index.

SIDBI is the apex institution for micro, small and medium enterprises. It was set up in 1990 under an Act of Parliament, began work on 2 April that year, and has its head office at Lucknow.

It is a private sector joint venture, not a public sector insurer. SBI Life was set up in 2001 as a partnership between the State Bank of India and BNP Paribas Cardif of France.

The Securities and Exchange Board of India regulates the securities market and protects investors. SEBI was set up as a non-statutory body in 1988 and was given statutory powers by the SEBI Act of 1992, passed after the Harshad Mehta scam exposed how weak market supervision was.