June 18, 2021 - Daily Quiz
1. Consider the following.
1. There should be a provision for the impeachment of the governor by the state legislature.
2. The state chief minister should have a say in the governor’s appointment.
Which of the above is/are recommendations of Punchhi commission?.
(a) 1 & 2
(b) 1 only
(c) 2 only
(d) Neither 1 Nor 2
2. Consider the following statements w.r.t. Nano Liquid Urea.
1. It has been included in the government's Fertilizer Control Order.
2. It will help in addressing global warming.
Which of the statements given above are correct?.
(a) 1 & 2
(b) 1 only
(c) 2 only
(d) Neither 1 Nor 2
3. Which of the following is/are correct w.r.t. "Pobitora Wildlife Sanctuary"?
1. It is declared as an Important Bird Area.
2. It harbors the highest density of Rhino in the world.
(a) 1 & 2
(b) 1 only
(c) 2 only
(d) Neither 1 Nor 2
4. The term ‘Inverted Duty Structure’ seen in the news refer to
(a) imposition of higher duties on exports than the imports.
(b) imposition of lower duties on exports than the imports.
(c) prevalence of higher taxes on inputs than on finished items.
(d) duty structure which aims to protect the domestic and infant industry against international competition.
5. Which of the following is/ are the component/ components of Economic cost of food grains to Food Corporation of India?
1. Cost of Distribution.
2. Procurement Incidentals.
3. Pooled cost of food grains.
Select the correct answer using the code given below.
(a) 1 and 2 only
(b) 1, 2 and 3
(c) 1 and 3 only
(d) 2 only
Answers
1-(a)
https://blog.ipleaders.in/m-m-punchhi-commission-report-recommendations/#Appointment_and_Removal_of_Governors
2-(a)
https://www.indiatvnews.com/business/news-iffco-launches-nano-urea-price-708435
3-(a)
https://www.thehindu.com/news/national/other-states/mini-kaziranga-has-58-waterfowl-species/article33786976.ece
4-(c)
https://www.thehindubusinessline.com/economy/budget-may-try-to-straighten-inverted-duty-structure/article33544539.ece#:~:text=%E2%80%9COn%20paper%2C%20an%20inverted%20duty,it%20discourages%20domestic%20value%20addition.
Under inverted duty structure, higher taxes are imposed on the raw materials than the finished products that results in build-up of credits and cascading costs. The normal situation is that tax on inputs used is lower than the tax rate of the finished goods. Inverted duty structure is usually prevalent in the case of customs duty (import duty). In recent times, the inverted duty structure is causing several administrative problems in our GST system:
(1) Taxpayers will have accumulated credits in the form of refund claims with the tax Department.
(2) The inverted duty structure is a revenue loss for the government as it has to refund the tax already paid (in inputs).
(3) Under GST, the inverted duty structure is identified for goods and not for services. Or in other words, there is recognition for ‘input good’ and not for ‘input services’.
It has an impact on the domestic industry as the manufacturers have to pay a higher price for raw material in terms of duty, while the finished product lands at lower duty and cost. Concessions given by India under free trade agreements to its partner countries has also resulted in inverted duty structure that makes Indian manufactured goods (those dependent on imported raw materials) uncompetitive in the domestic market.
Under regressive taxation, the tax rate diminishes as the taxable amount increases. In other words, there is an inverse relationship between the tax rate and taxable income.
This system of taxation generally benefits the higher sections of the society having higher incomes as they need to pay tax at lesser rates. On the other hand, people with lesser incomes are burdened with a higher rate of taxation.
5-(b)
https://www.business-standard.com/article/economy-policy/32-of-fci-s-fy21-wheat-procurement-cost-to-be-mandi-taxes-middlemen-fee-120100901483_1.html
https://indianexpress.com/article/india/challenge-for-food-corporation-of-india-rising-stocks-cost-push-to-procure-7188811/
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