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UPSC CDS Taxation — practice questions

Explore 30 free Taxation questions in UPSC CDS Economy. Open each question or exercise to read its content, reference answers and available explanation.

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Taxation questions and exercises with answers

Showing questions 1–30 of 30.

In 1991 India's foreign exchange reserves fell to a level not enough to pay for imports for even a:Read the answer and worked solution →To manage the 1991 crisis India received a loan of how much from the World Bank and IMF?Read the answer and worked solution →The World Bank is formally known as the:Read the answer and worked solution →The reforms announced in 1991 are collectively called the:Read the answer and worked solution →Long-term measures to improve efficiency and competitiveness are called:Read the answer and worked solution →Putting an end to restrictions and opening sectors of the economy is called:Read the answer and worked solution →After 1991, industrial licensing was abolished for almost all industries except a few like alcohol, cigarettes and:Read the answer and worked solution →Which industries remain reserved for the public sector?Read the answer and worked solution →The financial sector in India is regulated by the:Read the answer and worked solution →Financial sector reforms aim to change the RBI's role from regulator to:Read the answer and worked solution →The foreign investment limit in banks was raised to around:Read the answer and worked solution →The government's taxation and public expenditure policies together are called its:Read the answer and worked solution →Taxes on the incomes of individuals and profits of firms are:Read the answer and worked solution →Why were income tax rates reduced after 1991?Read the answer and worked solution →Moderate income tax rates are believed to encourage savings and:Read the answer and worked solution →Taxes levied on commodities are called:Read the answer and worked solution →The Goods and Services Tax Act was passed by Parliament in:Read the answer and worked solution →GST came into effect from:Read the answer and worked solution →GST is meant to create one nation, one tax and one:Read the answer and worked solution →As an immediate step in 1991, the rupee was:Read the answer and worked solution →Before reforms, India protected industry through tight import controls and:Read the answer and worked solution →Selling part of the equity of public sector enterprises to the public is called:Read the answer and worked solution →Catch the tax reformsRead the answer and worked solution →Pop the reform headsRead the answer and worked solution →Find the real termRead the answer and worked solution →Slice the reform wordsRead the answer and worked solution →Direct or indirectRead the answer and worked solution →Which reformRead the answer and worked solution →Type the numberRead the answer and worked solution →Reforms bingoRead the answer and worked solution →

Worked practice questions

In 1991 India's foreign exchange reserves fell to a level not enough to pay for imports for even a:

  1. Fortnight
  2. Full year
  3. Half decade
  4. Single day
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Correct answer: A. Fortnight

1. Petroleum and essentials are bought with dollars. 2. The reserves nearly ran out. 3. They could not cover even a fortnight. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._

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To manage the 1991 crisis India received a loan of how much from the World Bank and IMF?

  1. $1 billion
  2. $7 billion
  3. $70 billion
  4. $700 million
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Correct answer: B. $7 billion

1. No lender was willing to lend. 2. India turned to the IBRD and IMF. 3. The loan was $7 billion. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._

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The World Bank is formally known as the:

  1. IBRD
  2. IMF
  3. WTO
  4. OECD
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Correct answer: A. IBRD

1. It is the International Bank for Reconstruction and Development. 2. The IMF is a separate body. 3. The World Bank is the IBRD. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._

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Indian EconomyPlanning And EconomyFinancial RegulatorsAgricultureModern Indian History