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Flashcards on Indian Economy: GST and Economic Reforms
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What does GST stand for?
Goods and Services Tax
When was GST implemented in India?
1 July 2017
What is the purpose of GST in India?
To simplify the tax structure and promote economic growth
What are the three types of GST that exist in India?
Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST)
What are the benefits of GST?
Reduced tax burden, elimination of cascading effect of taxes, simplified tax structure
Who is responsible for administrating GST in India?
Goods and Services Tax Council
What are some economic reforms implemented in India?
Liberalization, privatization, globalization
What is the purpose of economic reforms in India?
To improve efficiency, encourage competition, attract foreign investment
When did economic reforms start in India?
In the early 1990s
What is the role of the Reserve Bank of India in economic reforms?
To regulate and control the monetary policy
What is demonetization?
The act of stripping a currency unit of its status as legal tender
What is the purpose of demonetization in India?
To curb black money, eliminate counterfeit currency, promote digital transactions
What are some effects of demonetization on the Indian economy?
Temporary disruption in cash-based businesses, increase in digital transactions, reduction in black money
What is the significance of the Goods and Services Tax (GST) in the Indian economy?
It is a crucial tax reform that has unified multiple indirect taxes into one
How has GST affected the prices of goods and services in India?
It has led to both increase and decrease in prices depending on the category of goods and services
What steps were taken to implement the Goods and Services Tax (GST) in India?
Constitutional amendment, development of IT infrastructure, training of tax officials
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Test Your Knowledge
What does GST stand for?
Goods and Services Tax
Global Sales Tax
Government Service Tax
Great Sales Tax
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When was GST implemented in India?
1 August 2017
1 July 2017
1 June 2017
1 September 2017
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What are the three types of GST that exist in India?
Central Goods and State Tax (CGST)
State Goods and Central Tax (SGCT)
Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST)
Integrated Goods and Central Tax (IGCT)
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Who is responsible for administrating GST in India?
Indian Economic Council
Government of India
Goods and Services Tax Council
Reserve Bank of India
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What are some economic reforms implemented in India?
Immigration policies
Education reforms
Liberalization, privatization, globalization
Agricultural subsidies
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What is demonetization?
The act of increasing the value of a currency
The act of stripping a currency unit of its status as legal tender
The act of implementing a digital currency
The act of controlling the supply of money in an economy
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What is the purpose of demonetization in India?
To print new currency notes
To increase the value of Indian currency
To curb black money, eliminate counterfeit currency, promote digital transactions
To create a cashless society
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What is the significance of the Goods and Services Tax (GST) in the Indian economy?
It has led to a decrease in prices of essential goods
It has resulted in the shutdown of many businesses
It is a crucial tax reform that has unified multiple indirect taxes into one
It has increased the complexity of the tax system
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How has GST affected the prices of goods and services in India?
It has led to both increase and decrease in prices depending on the category of goods and services
It has resulted in a significant decrease in prices of all goods and services
It has led to a continuous increase in prices of all goods and services
It has had no impact on the prices of goods and services in India
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What steps were taken to implement the Goods and Services Tax (GST) in India?
Development of IT infrastructure only
Constitutional amendment, development of IT infrastructure, training of tax officials
Public awareness campaigns only
Increase in tax rates
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