Directions (1-10): In the passage given below there are 10 blanks, each followed by a word given in bold. Each blank has four alternative words given in options (1),(2),(3) and (4). You have to tell which word will best suit the respective blank. Mark (5) as your answer if the word given in bold after the blank is your answer i.e “No correction required”.
The Centre and states reported(1) want two tax slabs for services under the goods and services tax (GST). This is revive(2) to start with, while the goal should be to eliminate all classification controversies and collapse almost all rates to a standard rate. The Centre’s extant rate structure for services is complex. Apart from the standard rate (15%), there are about 10 lower rates due to rise(3). This is allowed in services such as railways, restaurants and goods transport. It lowers the tax burden for the service provider and consumer, but tears(4) the value-added tax chain as a service provider cannot claim credit on all the taxes paid on inputs (read: goods). Abatements should go, when these services are charged a lower tax rate. Ideally, a manufacturer or a service provider should be able to claim credit for all the taxes it pays on outputs(5). This will lead to audit trails that will decrease(6) the tax base.
The GST design now has four rates for goods, plus cesses, and excludes(7) real estate, electricity, alcohol as well as petroleum products. A lower rate for, say, goods transport makes sense as the major instrument(8), fuel, has been excluded from GST. However, there will be little leeway to lower rates if the tax base is riddled with exemptions. Cross-crediting between goods and services must be complete to make production efficient. Petroleum products must be sharply(9) brought under GST. Similarly, the power sector should form an integral part of the GST base as recommended by the task force set up by the Thirteenth Finance Commission. There is no reason why electricity duty levied by states cannot be subsumed in GST. With reforms underway in real estate, the case to bring the sector under GST is also compelling. A low, uniform GST encountering(10) all sectors should be the eventual goal.
1. (1)purposely (2) reportedly (3) repeatedly (4) clearly (5)No correction required
Ans-2
2. (1)reality (2) inefficient (3)idealistic (4) pragmatic (5)No correction required
Ans-4
3. (1) abatement (2) increase (3)enlargement (4) declining (5)No correction required
Ans-1
4.(1) crack (2)beached (3) divide (4) breaks (5)No correction required
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5. (1) inputs (2) advertisement (3)caution (4) palmate (5)No correction required
Ans-1
6. (1) compress (2) hinder (3) expand (4) lessoned (5)No correction required
Ans-3
7. (1) includes (2) permit (3) choose (4) welcome (5)No correction required
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8. (1) additional (2) component (3) conditional (4)extravagant (5)No correction required
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9. (1) quickly (2) smoothly (3) slowly (4) willingly (5)No correction required
Ans-1
10. (1) stretching (2) enlarging (3) developing (4) encompassing (5)No correction required
Ans-4
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MAHENDRA GURU