MCQ Test: India's Economy Sees Major GST Overhaul and Positive Growth Projections Amidst Global Headwinds

1. When did the new GST reforms, termed 'GST 2.0', come into effect in India?

A) September 22, 2024 B) September 22, 2025 C) October 1, 2025 D) January 1, 2026

2. What are the primary tax rates for most goods and services under India's new two-tier GST structure?

A) 8% and 20% B) 5% and 18% C) 12% and 28% D) 0% and 10%

3. What is the tax rate applied to ultra-luxury or 'sin' goods under the new GST reforms?

A) 28% B) 32% C) 40% D) 50%

4. Who is India's Chief Economic Advisor (CEA) mentioned in the context of the new GST reforms?

A) Raghuram Rajan B) V Anantha Nageswaran C) Arvind Subramanian D) Urjit Patel

5. What is the projected fiscal boost to the Indian economy from the GST reforms combined with income tax relief, as stated by the Chief Economic Advisor?

A) Over ₹1.5 lakh crore B) Over ₹2.0 lakh crore C) Over ₹2.5 lakh crore D) Over ₹3.0 lakh crore

6. What is the projected GDP growth range for India for FY26, as per the Chief Economic Advisor?

A) 5.5% to 6.0% B) 6.0% to 6.5% C) 6.3% to 6.8% D) 6.5% to 7.0%

7. What is India's fiscal deficit target as a percentage of GDP for FY26?

A) 3.8% B) 4.1% C) 4.4% D) 4.7%

8. According to SBI Research, what is the projected unprecedented low for the Consumer Price Index (CPI) in October, attributed to recent GST cuts?

A) Around 1.1% B) Around 1.5% C) Around 1.8% D) Around 2.0%

9. The projected CPI low in October would mark its lowest level since which year?

A) 2000 B) 2004 C) 2008 D) 2012

10. What is the amount of the one-time fee imposed by US President Donald Trump for new H-1B visas, which impacted the Indian IT sector?

A) $50,000 B) $75,000 C) $100,000 D) $120,000

11. By approximately how much did the Nifty IT index tumble following the announcement of the H-1B visa fee hike?

A) Nearly 1% B) Nearly 2% C) Nearly 3% D) Nearly 4%

12. What was the new all-time high price for 10 grams of gold in the Indian bullion market, as mentioned in the content?

A) ₹1,08,500 B) ₹1,10,200 C) ₹1,11,840 D) ₹1,12,500

13. Which scheme is mentioned for strengthening the informal sector, specifically aiding street vendors?

A) PM Jan Dhan Yojana B) PM SVANidhi scheme C) Atal Pension Yojana D) Pradhan Mantri Fasal Bima Yojana

14. What is the toll-free number established by the government for complaints regarding revised GST rates to ensure benefits are passed on to consumers?

A) 1800-11-2233 B) 1915 C) 14400 D) 1076

ALL TN Comp Exams Prep

India's Economy Sees Major GST Overhaul and Positive Growth Projections Amidst Global Headwinds

Your Score: 0 / 0

1. When did the new GST reforms, termed 'GST 2.0', come into effect in India?

2. What are the primary tax rates for most goods and services under India's new two-tier GST structure?

3. What is the tax rate applied to ultra-luxury or 'sin' goods under the new GST reforms?

4. Who is India's Chief Economic Advisor (CEA) mentioned in the context of the new GST reforms?

5. What is the projected fiscal boost to the Indian economy from the GST reforms combined with income tax relief, as stated by the Chief Economic Advisor?

6. What is the projected GDP growth range for India for FY26, as per the Chief Economic Advisor?

7. What is India's fiscal deficit target as a percentage of GDP for FY26?

8. According to SBI Research, what is the projected unprecedented low for the Consumer Price Index (CPI) in October, attributed to recent GST cuts?

9. The projected CPI low in October would mark its lowest level since which year?

10. What is the amount of the one-time fee imposed by US President Donald Trump for new H-1B visas, which impacted the Indian IT sector?

11. By approximately how much did the Nifty IT index tumble following the announcement of the H-1B visa fee hike?

12. What was the new all-time high price for 10 grams of gold in the Indian bullion market, as mentioned in the content?

13. Which scheme is mentioned for strengthening the informal sector, specifically aiding street vendors?

14. What is the toll-free number established by the government for complaints regarding revised GST rates to ensure benefits are passed on to consumers?

India's Economy Sees Major GST Overhaul and Positive Growth Projections Amidst Global Headwinds

Your Score: 0 / 0

1. When did the new GST reforms, termed 'GST 2.0', come into effect in India?

2. What are the primary tax rates for most goods and services under India's new two-tier GST structure?

3. What is the tax rate applied to ultra-luxury or 'sin' goods under the new GST reforms?

4. Who is India's Chief Economic Advisor (CEA) mentioned in the context of the new GST reforms?

5. What is the projected fiscal boost to the Indian economy from the GST reforms combined with income tax relief, as stated by the Chief Economic Advisor?

6. What is the projected GDP growth range for India for FY26, as per the Chief Economic Advisor?

7. What is India's fiscal deficit target as a percentage of GDP for FY26?

8. According to SBI Research, what is the projected unprecedented low for the Consumer Price Index (CPI) in October, attributed to recent GST cuts?

9. The projected CPI low in October would mark its lowest level since which year?

10. What is the amount of the one-time fee imposed by US President Donald Trump for new H-1B visas, which impacted the Indian IT sector?

11. By approximately how much did the Nifty IT index tumble following the announcement of the H-1B visa fee hike?

12. What was the new all-time high price for 10 grams of gold in the Indian bullion market, as mentioned in the content?

13. Which scheme is mentioned for strengthening the informal sector, specifically aiding street vendors?

14. What is the toll-free number established by the government for complaints regarding revised GST rates to ensure benefits are passed on to consumers?

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