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Indian EconomyEasyAsked in: NDA · NDA-I 2022, GAT

Who among the following is the Chairperson of the Goods and Services Tax Council?

  1. A.The Prime Minister of India
  2. B.The Union Finance Minister
  3. C.The Speaker of the Lok Sabha
  4. D.The President of India

Correct answer

B. The Union Finance Minister

Explanation

The correct answer is B, The Union Finance Minister. Under Article 279A of the Constitution, the Union Finance Minister is the Chairperson of the GST Council.

Article 279A was added by the Constitution (One Hundred and First Amendment) Act, 2016, which brought in the Goods and Services Tax. GST itself began on 1 July 2017. The Council's members are the Union Finance Minister as Chairperson, the Union Minister of State in charge of Revenue or Finance, and the Finance or Taxation Minister of each State, with one of them chosen as Vice-Chairperson. Decisions need a three-fourths majority of weighted votes: the Centre's vote counts for one-third and the States' together for two-thirds. The Council recommends tax rates, exemptions and the model GST laws.

A is wrong: the Prime Minister is not a member of the GST Council. C is wrong: the Speaker of the Lok Sabha presides over the House and has no role in the Council. D is wrong: the President constitutes the Council under Article 279A but does not sit in it.

Exam tip: GST Council: Article 279A, 101st Amendment (2016), chaired by the Union Finance Minister; Centre 1/3 and States 2/3 of the vote.

Practice Questions

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Q1.Indian EconomyAsked in: NDA · NDA-I 2017, GATMedium

Which one among the following countries is the largest trading partner of India in external trade for the year 2015-2016 ?

  1. A.United States of America
  2. B.United Kingdom
  3. C.United Arab Emirates
  4. D.China
Show answer
Correct answer: D. China

In 2015-16 China was India's largest trading partner by total trade, that is exports plus imports. India's trade with China that year was about US$ 70 billion, but most of it was imports of electronics, machinery and chemicals, so India ran its largest bilateral trade deficit with China.

Q2.Indian EconomyAsked in: CDS · CDS-II 2024, GKHard

The Rangarajan Committee methodology for determining the poverty line incorporated which of the following ? 1. A food component 2. A normative level of expenditure for essential non-food items 3. A behaviourally determined expenditure for other non-food items Select the answer using the code given below :

  1. A.1 and 2 only
  2. B.2 and 3 only
  3. C.1, 2 and 3
  4. D.1 and 3 only
Show answer
Correct answer: C. 1, 2 and 3

The Rangarajan Committee built its poverty line basket from all three parts named in the question. The expert group headed by C. Rangarajan was set up in 2012 and reported in 2014, to review the Tendulkar method.

Q4.Indian EconomyAsked in: NDA · NDA-I 2026, GATEasy

The Atal Innovation Mission (AIM) is set up by the

  1. A.Department of Science and Technology, Government of India
  2. B.NITI Aayog
  3. C.Ministry of Statistics and Programme Implementation, Government of India
  4. D.Ministry of Corporate Affairs, Government of India
Show answer
Correct answer: B. NITI Aayog

The Atal Innovation Mission (AIM) was set up by NITI Aayog in 2016 as the Government of India's flagship programme to promote innovation and entrepreneurship.