Question : Statement 1: Goods and Services Tax (GST) is a direct tax.
Statement 2: GST is levied on goods and services.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is false, and statement 2 is true.
Solution : The correct answer is (d) Statement 1 is false, and statement 2 is true.
Statement 1 is false. GST is an indirect tax and not a direct tax. It is levied on the supply of goods and services, and the burden of the tax is ultimately borne by the end consumer.
Statement 2 is true. GST is a comprehensive indirect tax that is levied on the supply of goods and services at each stage of the supply chain. It replaces multiple indirect taxes such as excise duty, service tax, value-added tax (VAT), and others, and aims to create a unified tax structure for goods and services across the country.
Question : Statement 1: National income at factor cost is obtained by adding indirect taxes to the net national product.
Statement 2: Indirect taxes are taxes levied on the production and sale of goods and services.
Option 1: Statement 1 is true, and Statement 2 is false.
Option 2: Statement 1 is false, and Statement 2 is true.
Option 3: Both Statement 1 and Statement 2 are true.
Option 4: Both Statement 1 and Statement 2 are false.
Question : Statement 1: External sector reforms aimed to promote foreign direct investment (FDI) inflows.
Statement 2: The 1991 economic policy led to restrictions on imports and exports.
Question : Statement 1: External sector reforms in India aimed to attract foreign direct investment (FDI).
Statement 2: External sector reforms focused on imposing stricter trade barriers.
Question :
Option 1: Both are true .
Option 2: Both are false
Option 3: Statement 1 is true and statement 2 is false.
Option 4: Statement 2 is true and statement 1 is false.
Question : Statement1: Revaluation and Appreciation of currency are one and the same thing.
Statement 2: The concepts of demand for domestic goods and domestic demand for goods are same.
Option 1: Both the statements are true.
Option 2: Both the statements are false.
Option 3: Statement 1 is true and Statement 2 is false
Option 4: Statement 2 is true and Statement 1 is false
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