Following the Constitution (One Hundred and First Amendment) Act, 2016, the Parliament of India enacted quite a few GST Acts in the year 2017. Which one of the following does not fall in this category ?
- A.The Central Goods and Services Tax Act
- B.The Integrated Goods and Services Tax Act
- C.The Goods and Services Tax (Compensation to States) Acts
- D.The State Goods and Services Tax Act
Correct answer
Explanation
The correct answer is D, The State Goods and Services Tax Act. SGST Acts are passed by each State Legislature, not by Parliament.
The 101st Amendment, 2016 added Article 246A, which gives both Parliament and the State Legislatures the power to make laws on GST, and Article 279A, which created the GST Council. In 2017 Parliament passed four laws: the Central GST Act, the Integrated GST Act for inter-state supplies and imports, the Union Territory GST Act, and the GST (Compensation to States) Act, which promised states compensation for revenue loss for five years. Each state then passed its own SGST Act, and GST came into force on 1 July 2017.
A is wrong because the CGST Act, 2017 was enacted by Parliament to levy the Centre's share on supplies within a state. B is wrong because the IGST Act, 2017 is a central law for inter-state trade. C is wrong because the compensation law was also passed by Parliament in 2017.
Exam tip: Parliament = CGST, IGST, UTGST and Compensation Acts; State Legislatures = SGST Acts; Article 246A and 279A came with the 101st Amendment.
Practice Questions
View allWhich one of the following is not a dimension of the Human Development Index?
- A.A long and healthy life
- B.Knowledge
- C.Access to banking and other financial provisions
- D.A decent standard of living
Show answer
The Human Development Index of the UNDP has only three dimensions, and financial access is not one of them.
Read the full explanation →Which of the following are considered to be the four pillars of human development?
- A.Equity, inclusion, productivity and empowerment
- B.Equity, productivity, empowerment and sustainability
- C.Productivity, gender, inclusion and equity
- D.Labour, productivity, inclusion and equity
Show answer
These are the four pillars of human development set out by the economist Mahbub ul Haq, who led the team that prepared the first Human Development Report for the UNDP in 1990, working closely with Amartya Sen.
Read the full explanation →Which of the following statements is/are correct?
1. A price index captures the change in the average price of a constant basket of commodities.
2. If the price index takes values 100, 110 and 121 in three consecutive years respectively, then the inflation rates in the 2nd and 3rd years are 10% and 21% respectively.
Select the correct answer using the code given below.
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
Show answer
Statement 1 defines a price index correctly, but statement 2 gets the third year's inflation wrong. A price index such as the Consumer Price Index tracks the cost of a fixed basket of goods and services over time, compared with a base year whose value is set at 100.
Read the full explanation →Which of the following is/are social security scheme(s) ?
1. Atal Pension Yojana
2. Pradhan Mantri Jeevan Jyoti Bima Yojana
3. Pradhan Mantri Suraksha Bima Yojana
Select the correct answer using the code given below :
- A.1 only
- B.2 and 3 only
- C.1, 2 and 3
- D.1 and 3 only
Show answer
All three are social security schemes, launched together by the Government of India on 9 May 2015 to give pension and insurance cover to ordinary people, especially in the unorganised sector.
Read the full explanation →Which of the following statements is/are correct?
1. GDP deflator captures the average price of an unchanging basket of commodities that constitutes the GDP of the country.
2. GDP deflator can be used to measure the real GDP of the economy but not the inflation rate.
Select the correct answer using the code given below.
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
Show answer
Both statements misdescribe the GDP deflator. The deflator is the ratio of nominal GDP to real GDP, multiplied by 100.
Read the full explanation →