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.
Q1-2 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 Pakistan's Nobel Peace Prize winner Malala Yousafzai,(1)/ giving a speech in the Emirates, urged Muslims(2)/ to respect the "true message of Islam"(3)/ and unite against wars in their countries.(4)/No Error (5)
01. Pakistan's Nobel Piece Prize winner Malala Yousafzai
02. giving a speech in the Emirates, urged Muslims
03. to respect the "true message of Islam"
04. and unite against wars in their countries
05. No Error
Q2 NASA's New Horizons space probe(1)/ has spotted possible clouds hover(2)/ over Pluto, indicating that the weather on the icy dwarf planet(3)/ is more complex than thought.(4)/No Error (5)
01. NASA's New Horizons space probe
02. has spotted possible clouds hover
03. over Pluto, indicating that the weather on the icy dwarf planet
04. is more complex than thought
05. No Error
Q3-10 Read the following passage carefully and answer the questions given below it.
The goods and services tax (GST) will integrate the Indian market, promote economic efficiency by taxing final consumption rather than intermediate goods, encourage voluntary compliance and create a new architecture for cooperative federalism. There were two underlying assumptions for a truly successful GST. The new indirect tax would be levied at a single rate (with a few exceptions) so as to reduce distortions based on rent-seeking behaviour. And the tax rate would be low so as to minimize the regressive character of such indirect taxes, including the ones that GST is replacing. India seems to be drifting away from the goal of a single, moderate GST rate. The news coming from the meeting of the GST council is thus far from encouraging. It seems that India is moving to a multiplicity of rates, with a cess thrown in for good measure. And it is likely that India is going to end up with a relatively high GST rate. This is in stark contrast to the idea of a flawless GST that was proposed in the December 2009 report of a task force headed by Arbind Modi, who was then in the finance ministry, and the 12% rate recommended by the Thirteenth Finance Commission.
The stalemate in the GST council was expected. It was always unlikely that the complex federal bargaining would be over in three days. There are many months of negotiations ahead. What is worrying is the direction these negotiations are taking, rather than the time needed to strike a deal. The political class is quite naturally worried that a low GST rate will hurt budgetary revenue. Further, an increase in the prices of items of mass consumption could lead to a political backlash, hence the multiple slabs rather than a single rate. The states would do well to consider two factors in their calculations. First, they can take the risk of beginning with a low GST rate since any potential revenue losses are to be compensated by New Delhi for five years, so there is insurance against the downside. Second, they have agreed to shift to GST based on the assumption that the new tax will both increase the existing tax base as well as give the economy extra momentum, which will make a lower tax rate possible. The state finance ministers are currently taking a static rather than a dynamic view of indirect tax collections under GST.
The issue of the GST rate actually needs to be seen in tandem with the broader issue of tax reform. What is happening now is the overhaul of the indirect tax system. The direct tax system has not been touched as yet. A lot of preparatory work had already been done by the finance ministry on new direct tax code, which was then inexplicably shelved. Its promise was similar to that of GST—low rates, minimal exemptions and a wider tax base. Higher direct tax collections will create fiscal space for India to experiment with a lower GST rate. India began to reform its tax system in 1991 when almost nine out of every 10 rupees flowing into the national treasury came from indirect taxes rather than direct taxes. One of the explicit goals of economic reforms was to raise the contribution of direct taxes in the total kitty. There was a good reason to do so. Most large economies depend more on direct taxes because they are progressive while indirect taxes are regressive. One of the many hypocrisies of Indian socialism was that it was built on one of the most regressive tax systems in the world.
Q3 As per the passage how does the GST rate actually needs to be seen?
01. In tandem with the many hypocrisies of Indian socialism
02. In tandem with the broader issue of tax reform
03. In tandem with a lot of preparatory work which is to be done
04. In tandem with the overhaul of the indirect tax system
05. All of the above.
Q4 Why the news coming from the meeting of the GST council is far from encouraging?
01. because the goods and services tax (GST) will separate the Indian market, promoting economic efficiency.
02. because India began to reform its tax system in 1991.
03. because direct taxes are progressive in terms of market ethics.
04. because India seems to be drifting away from the goal of a single, moderate GST rate.
05. because India is moving to a multiplicity of rates.
Q5 Why the new indirect tax would be levied at a single rate as mentioned in the above passage?
01. So there is insurance against the downside
02. For a dynamic view of indirect tax collections under GST
03. So as to reduce distortions based on rent-seeking behaviour
04. For any potential revenue losses that are to be compensated
05. So as to the direct tax system has not been touched as yet
Q6 Why the political class is quite worried for a low GST rate?
(A)As low GST rate will hurt budgetary revenue.
(B)As an increase in the prices of items will effect mass consumption due to low GST rate.
(C)As the multiple slabs of low GST rate will be prevailing rather than a single rate.
01. Only (A)
02. Only (B)
03. Only (C)
04. Both (B) and (C)
05. All(A),(B) and (C)
Q7 What are those factors that the states would have to consider in their GST calculations?
(A) They can take the risk of beginning with a low GST rate since any potential revenue losses are to be compensated by New Delhi for five years, so there is insurance against the downside.
(B) They have agreed to shift to GST based on the assumption that the new tax will both increase the existing tax base as well as give the economy extra momentum, which will make a lower tax rate possible.
(C) They can promise for an increase in the existing tax base which was similar to that of GST—low rates, minimal exemptions and a wider tax base.
01. Only (A)
02. Only (B)
03. Both (A) and (B)
04. Both (B) and (C)
05. All(A),(B) and (C)
Q8 Why would the tax rate be low for a truly successful GST as per the passage given above?
01. because the complex federal bargaining would be over in three days
02. because a cess is thrown in for a good measure
03. because with a low GST rate any potential revenue losses are to be compensated
04. because of the regressive character of indirect taxes, including the ones that GST is replacing
05. the direction these negotiations
Q9 Which of the following statement is TRUE according to the passage?
01. The new indirect tax would be levied at a double rate (with a few exceptions).
02. The tax rate would be low so as to maximize the regressive character of indirect taxes.
03. India seems to be reaching towards from the goal of a single, moderate GST rate.
04. It seems that India is moving to a multiplicity of rates, with a cess thrown in for bad measure.
05. It is likely that India is going to end up with a relatively high GST rate.
Q10 Which of the following statement is NOT TRUE according to the passage?
01. India is moving to a multiplicity of rates, with a cess thrown in for good measure.
02. Most large economies depend more on direct taxes.
03. Direct taxes are progressive while indirect taxes are regressive.
04. What is happening now is the overhaul of the indirect tax system.
05. Indian socialism was that it was built on one of the most progressive tax systems in the world.
Answers:-
Q.1 (5)
Q.2 (2)
Q.3 (2)
Q.4 (4)
Q.5 (3)
Q.6 (1)
Q.7 (3)
Q.8 (4)
Q.9 (5)
Q.10 (5)
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