MCQ Test: India Ushers in "GST Savings Festival" with Next-Generation Tax Reforms

1. On what date were India's "next-generation" Goods and Services Tax (GST) reforms, also known as GST 2.0, implemented?

A) September 22, 2024 B) September 22, 2025 C) October 1, 2025 D) August 15, 2025

2. Who announced the major overhaul of the GST structure, referred to as GST 2.0?

A) Prime Minister Narendra Modi B) Finance Minister Nirmala Sitharaman C) RBI Governor Shaktikanta Das D) Maharashtra Chief Minister Devendra Fadnavis

3. What are the two broad tax rates adopted under the new GST 2.0 regime?

A) 12% and 18% B) 5% and 12% C) 5% and 18% D) 18% and 28%

4. Prime Minister Narendra Modi referred to the implementation of GST 2.0 coinciding with Navratri as what?

A) "Economic Revival Festival" B) "GST savings festival" (Bachat Utsav) C) "National Growth Initiative" D) "Aatmanirbhar Bharat Utsav"

5. Which of the following food items was NOT explicitly mentioned as being moved to the NIL or 0% tax bracket under the new GST regime?

A) Roti B) Parantha C) Dosa D) Paneer

6. What is the reduced GST rate on cement for homebuyers under the new reforms?

A) 12% B) 18% C) 28% D) 5%

7. What is the projected total savings for the people of India from the combined income tax relief and GST reductions over the past year?

A) Exceeding ₹1.5 lakh crore B) Exactly ₹2.0 lakh crore C) Exceeding ₹2.5 lakh crore D) Approximately ₹3.0 lakh crore

8. Which type of insurance premium became GST-free under the new GST regime?

A) Commercial property insurance B) Motor vehicle insurance C) Individual health insurance D) Life insurance

9. What was the net outflow of Foreign Portfolio Investors (FPIs) from Indian equities in September, as mentioned in the economic news?

A) ₹7,945 crore B) ₹62,000 crore C) ₹2.5 lakh crore D) ₹1,500 crore

10. What is largely attributed as the reason for FPIs continuing to withdraw from Indian equities in September?

A) Domestic inflation concerns B) Strong rupee appreciation C) Global uncertainties and geopolitical tensions D) Increased corporate tax rates

11. Which Indian sector has seen significant outflows from foreign institutional investors this year, totaling nearly ₹62,000 crore?

A) Manufacturing sector B) Infrastructure sector C) Indian IT sector D) Financial services sector

12. Before the recent reduction, what was the GST rate on cement?

A) 5% B) 18% C) 28% D) 12%

13. What is the new flat effective tax rate (including cess) for the auto sector under the GST reforms, reduced from a range of 35-50%?

A) 30% B) 35% C) 40% D) 45%

14. Who is the Chief Minister of Maharashtra mentioned in the text, who stated that GST reforms would strengthen 'aatmanirbhar Bharat'?

A) Uddhav Thackeray B) Eknath Shinde C) Devendra Fadnavis D) Ashok Chavan

15. Hotel rooms up to what tariff amount are expected to become more affordable due to reduced GST rates under the new regime?

A) ₹5,000 B) ₹7,500 C) ₹10,000 D) ₹12,500

ALL TN Comp Exams Prep

India Ushers in "GST Savings Festival" with Next-Generation Tax Reforms

Your Score: 0 / 0

1. On what date were India's "next-generation" Goods and Services Tax (GST) reforms, also known as GST 2.0, implemented?

2. Who announced the major overhaul of the GST structure, referred to as GST 2.0?

3. What are the two broad tax rates adopted under the new GST 2.0 regime?

4. Prime Minister Narendra Modi referred to the implementation of GST 2.0 coinciding with Navratri as what?

5. Which of the following food items was NOT explicitly mentioned as being moved to the NIL or 0% tax bracket under the new GST regime?

6. What is the reduced GST rate on cement for homebuyers under the new reforms?

7. What is the projected total savings for the people of India from the combined income tax relief and GST reductions over the past year?

8. Which type of insurance premium became GST-free under the new GST regime?

9. What was the net outflow of Foreign Portfolio Investors (FPIs) from Indian equities in September, as mentioned in the economic news?

10. What is largely attributed as the reason for FPIs continuing to withdraw from Indian equities in September?

11. Which Indian sector has seen significant outflows from foreign institutional investors this year, totaling nearly ₹62,000 crore?

12. Before the recent reduction, what was the GST rate on cement?

13. What is the new flat effective tax rate (including cess) for the auto sector under the GST reforms, reduced from a range of 35-50%?

14. Who is the Chief Minister of Maharashtra mentioned in the text, who stated that GST reforms would strengthen 'aatmanirbhar Bharat'?

15. Hotel rooms up to what tariff amount are expected to become more affordable due to reduced GST rates under the new regime?

India Ushers in "GST Savings Festival" with Next-Generation Tax Reforms

Your Score: 0 / 0

1. On what date were India's "next-generation" Goods and Services Tax (GST) reforms, also known as GST 2.0, implemented?

2. Who announced the major overhaul of the GST structure, referred to as GST 2.0?

3. What are the two broad tax rates adopted under the new GST 2.0 regime?

4. Prime Minister Narendra Modi referred to the implementation of GST 2.0 coinciding with Navratri as what?

5. Which of the following food items was NOT explicitly mentioned as being moved to the NIL or 0% tax bracket under the new GST regime?

6. What is the reduced GST rate on cement for homebuyers under the new reforms?

7. What is the projected total savings for the people of India from the combined income tax relief and GST reductions over the past year?

8. Which type of insurance premium became GST-free under the new GST regime?

9. What was the net outflow of Foreign Portfolio Investors (FPIs) from Indian equities in September, as mentioned in the economic news?

10. What is largely attributed as the reason for FPIs continuing to withdraw from Indian equities in September?

11. Which Indian sector has seen significant outflows from foreign institutional investors this year, totaling nearly ₹62,000 crore?

12. Before the recent reduction, what was the GST rate on cement?

13. What is the new flat effective tax rate (including cess) for the auto sector under the GST reforms, reduced from a range of 35-50%?

14. Who is the Chief Minister of Maharashtra mentioned in the text, who stated that GST reforms would strengthen 'aatmanirbhar Bharat'?

15. Hotel rooms up to what tariff amount are expected to become more affordable due to reduced GST rates under the new regime?

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