Dear Readers,
Mahendras has started special quizzes for IBPS & SBI Exam so that you can practice more and more to crack the examination. This IBPS & SBI Exam special quiz series will mold your preparations in the right direction and the regular practice of these quizzes will be really very helpful in scoring good marks in the Examination. Here we are providing you the important question of reasoning ability for the IBPS & SBI Exam.
Q1-3 Read each part of the sentence to find out if there is any error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, mark your answer as (5).
Q1 BRICS nations including India sought a strong(1)/ quota-based and adequately resourced(2)/ IMF to bridge the financing gap in (3)/ infrastructure developers to push economic growth in developing nations.(4)/No Error (5)
01. BRICS nations including India sought a strong
02. quota-based and adequately resourced
03. IMF to bridge the financing gap in
04. infrastructure developers to push economic growth in developing nations
05. No Error
Q2 India and Russia have agreed to explore(1)/ building the world's most expensive pipeline costing close to USD 25 billion(2)/ to ferry natural gas from Siberia(3)/ to the world's third-biggest energy consumed nation.(4)/No Error (5)
01. India and Russia have agreed to explore
02. building the world's most expensive pipeline costing close to USD 25 billion
03. to ferry natural gas from Siberia
04. to the world's third-biggest energy consumed nation
05. No Error
Q3 Hungary sought India's helping in reviving(1)/ its defence industry, saying it has set up a joint working group of technology(2)/ to explore possible cooperation(3)/ between the two nations.(4)/No Error (5)
01. Hungary sought India's helping in reviving
02. its defence industry, saying it has set up a joint working group of technology
03. to explore possible cooperation
04. between the two nations
05. No Error
Q4-10 Read the following passage carefully and answer the questions given below it. Certain words have been given in bold to help you locate them while answering some questions.
The process of passage of the Constitution Amendment Bill to implement the Goods and Services Tax (GST) received overwhelming support from both houses of Parliament. This makes the political consensus towards this most critical impending economic reform, self-evident. It becomes imperative for the industry to gear up and understand the nuances woven into the current Model GST Law which may have a significant influence on the final GST laws implemented in the country.
While the Model Law has efficaciously laid down the overall construct of GST, reading the fine print one can identify various missing links. Therefore, it becomes relevant to address these gaps in order to bring in more robust final laws. Representations from various organisations and forums are presently being made before various Government forums seeking to address specific concerns. The Government is also actively involved in deliberating these issues with various stakeholders. Broadly, the industry representations are focused on issues relating to fundamental GST concepts, stringent compliance requisites and transition issues which may pose practical difficulties.
A lot is being debated on the broad scope of the term ‘supply’. The whole fundamental of GST framework relies on the scope of the term ‘supply’, the scope of which has been provided in an inclusive manner in the Model Law. From a reading of the law, the scope of supply can be interpreted to encompass more than what has been the stated intent of GST. This wide terminology could be extrapolated to cover every possible act which may not even be an economic transaction per se. To add to this, the term ‘service’ has been defined to mean anything other than goods and specifically includes actionable claims. This could possibly bring activities within the scope of GST that have hitherto not been subject to transaction taxes in India.
Another aspect under the model GST law that can be a source of immense litigation is the valuation mechanism requiring goods and services to be valued based on comparable goods/services, leaving wide discretion with tax authorities for arriving at the correct tax base. Some of the areas which would be greatly impacted by this would include valuation of free supplies and consignment transfers as the industry is largely unaware of the mechanics of taxing these transactions. The rationale of carry-over of provisions from the current excise and customs laws to include the any incidental charges to arrive at tax base on supply of goods is also not clear. This could potentially lead to continuation of dual taxation on such charges once as part of sale price of goods and also as a consideration for service.
Apart from the substantive provisions of the Model law, industry is also apprehensive of the stringent compliance requirements envisaged. Furthermore, in large organisations, invoices are sometimes processed after a time lag of 1 months and status of receipt of invoices is not known till the time invoices are booked in the system. Keeping in mind the rigorous time of supply provisions, businesses may be faced with serious compliance issues and potentially harsh penalties. Further, requirement of input credit matching with vendors/customers would become an extremely cumbersome process and could entail penal consequences.
An important area for consideration are the provisions for allowing smooth transition to GST. While the transition provisions under the Model Law are geared towards addressing some critical concepts, they do not seem to have envisaged all possible transition issues. As an instance, while the Model law allows transition of credits for taxpayers exempted under the present regime, it does not allow transition of taxes pertaining to excisable stock lying with traders/dealers. Additionally, there is no clarity around the fate of pending statutory forms post entering into the GST regime. The Government is certainly working towards gathering much needed feedback from the industry for achieving this target soon. This proactive approach keeps the trust of India alive that the policymakers will come out with a more clear and vigorous GST Law.
Q4 Which of the following aspect/s under the model GST law cannot be a source of immense litigation?
(A) The valuation mechanism requiring goods and services to be valued based on comparable goods/services
(B) The Government is certainly working towards gathering much needed feedback from the industry for achieving the target soon.
(C) Keeping in mind the rigorous time of supply provisions, businesses may be faced with serious compliance issues and potentially harsh penalties.
01. Only A
02. Only B
03. Only C
04. All A, B and C
05. Only B and C
Q5 What according to the author is/are the effect/s of post entering into the GST regime?
01. The Government is certainly working towards gathering much needed feedback from the industry for achieving the target.
02. The wide terminology could be extrapolated.
03. There is no clarity around the fate of pending statutory forms.
04. Traversity of the indirect taxes is burgeoning.
05. Only 1 and 2
Q6 What makes the political consensus towards the most critical impending economic reform, self-evident?
01. The Government is also actively involved in deliberating these issues with various stakeholders.
02. The process of passage of the Constitution Amendment Bill to implement the Goods and Services Tax (GST) received overwhelming support from both houses of Parliament.
03. The rationale of carry-over of provisions from the current excise.
04. The scope of GST has been provided in an inclusive manner in the Model Law.
05. Both (3) and (4)
Q7 What can be done by reading the fine print while the Model Law has efficaciously laid down the overall construct of GST?
01. This could potentially lead to continuation of dual taxation
02. One can identify various missing links
03. Some of the areas which would be greatly impacted
04. The scope of GST under the influence of the govt and civilians’ opinion.
05. The whole fundamental of GST framework for the process to be implemented.
Q8 What is the requirement of an important aspect under the model GST law regarding with the valuation mechanism?
(A) Goods and services to be tested and verified.
(B) Goods and services to be compared
(C) Goods and services to be valued based on comparable goods/services
01. Only (A)
02. Only (B)
03. Only (C)
04. Both (A) and (B)
05. None of the above
Q9 Which of the following statement/s is/are TRUE according to the passage?
01. It becomes imperative for the industry to pull back and not to understand the nuances woven intothe current Model GST Law.
02. The nuances woven into the current Model GST Law may have a significant influence on the final GST laws implemented in the world.
03. Representations from various organisations and forums are presently being made before various Government forums seeking to address specific concerns.
04. Representations from various organisations and forums are presently being made before various private forums.
05. Only 1 and 2
Q10 Which of the following statement is NOT TRUE according to the passage?
01. The industry representations are focused on issues relating to fundamental GST concepts.
02. The industry representations are focused on issues relating to stringent compliance requisites.
03. The industry representations are focused on issues relating to transition issues.
04. Much has been spoken about the broad scope of the word ‘supply’.
05. The whole fundamental of GST framework relies on the scope of the term ‘demand’.
Answers:-
Q.1 (4)
Q.2 (4)
Q.3 (1)
Q.4 (5)
Q.5 (3)
Q.6 (2)
Q.7 (2)
Q.8 (3)
Q.9 (3)
Q.10 (5)
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