“20-20” English Question | Crack Dena Bank 2018 Day-104

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“20-20” English Questions | Crack Dena Bank 2018 (Day-104)

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Directions (1-10): Read the following passage carefully and answer the questions given below it.

In about a month, India’s new indirect tax system will be rolled out. It has been described as the biggest reform in indirect taxes. India now joins some 160 other countries that already have a Goods and Services Tax. The only large economy exception without a GST is the United States. Here are the key features of the GST. First, it moves the tax system from production to consumption. It covers the gross domestic product more comprehensively. Because the tax base is now a much wider set of transactions, hopefully the per capita tax incidence will be lower. Second, it eliminates a major bane of cascading, i.e. having to pay tax on tax. It will thus increase efficiency of taxation. Third, the GST has interlocking incentives for compliance, because your tax incidence, and refund, depends on production of proof of tax paid by your supplier. The paperwork, or rather the computer records, is interlinked in a chain. No one person in the chain can evade tax because it hurts either his vendor or customer. In that respect, the GST’s interlocked incentives look similar to Grameen Bank’s joint liability lending in microfinance. Micro loans are given without any collateral, but if one person defaults, the entire group is blacklisted. This ensures an almost 100% repayment rate. Similarly, the GST too has interlinked incentives for the whole value chain. For these three reasons and many more, the GST is expected to bring many benefits to the economy. These are higher GDP growth, lower inflation, buoyant tax collections, wider coverage and less tax evasion, and, most importantly, a truly common economic market across the country. Indeed the slogan for promoting the GST was “One Country One Tax”.

The roll-out of this historic reform required amending the Constitution, legislative action in Parliament as well as State legislatures, setting up of the GST Council and deciding on the applicable tax rates on more than 1,200 items. The implementation will quite likely involve many hiccups, delays, and computer glitches, but the GST train has left the station and is chugging along. The basic premise of tax reforms then and now is to aim for lower rates, simpler code and eliminate exemptions. On all these three goals we have much distance to travel. First, with five slabs of 0%, 5%, 12%, 18%, 28% plus cess, we have increased the chance of classification disputes, discretion and litigation. The high rates encourage tax evasion, distort decisions, and promote wasteful resources into tax avoidance. As the GST Task Force of the Thirteenth Finance Commission has said, multiple rate slabs exacerbate the problem of bracket creep and classification disputes. A rational tax system should have very few rates and low rates. Indeed, before the introduction of this GST, the service tax had just one rate, that was 15%, applicable to all services. We now have multiple rates and the chances of disputes and legal battles have increased. Multiple rates are attractive politically. Items consumed by the poor are taxed at low rates and luxury goods are taxed at higher rates. But this classification itself is problematic especially in a diverse, fast-evolving economy.

But multiple rates increase cost and complexity. As the task force also pointed out, the cost of auditing the classification of exempt, low rate and high rate slabs across every stage of production, distribution and consumption is very high. Single or few rates are easy to comply with and involve much lower disputes. By keeping most of the goods consumed by the poor the hope is that inflation will be in check. Since almost 60% of India’s GDP is from services, and the rate is moving from 15 to higher, it is quite likely that inflation will inch up. Of course, to the extent that service providers will now get input tax credit, which they might pass on to their customers, inflation may not rise by much. Since the IT systems are not fully in place and refunds are not instantaneous, the benefit of tax credit will be delayed. This cost of delay and consequent cost of working capital too introduces an inflationary element. It was hoped that not many items would be in the 28% bracket, failing which inflation will be higher. The tax burden on industry is coming down in the GST. This is because currently, excise plus State VAT adds up to more than 25%, which will definitely go down. Since inflation in India is currently moderate indeed this has been a major achievement of the NDA government the impact of the GST, even though inflationary, will still be modest. In the longer term, further price moderation is possible due to the supply side-effect of the GST. Finally, a large part of the economy is still not covered by the GST. Potable alcohol, crude oil, natural gas, aviation fuel, diesel, petrol, electricity and real estate are currently out, and States will levy their own taxes on these. To that extent it is an inflationary distortion. Hopefully, this lacuna in the GST will be fixed soon. The high rates and multiple slabs reflect an outcome of a very complicated political compromise achieved in the GST Council. This required assuaging the fear of revenue loss to States which have just surrendered their tax autonomy. It required assuaging the fear of politicians about unleashing inflation.

1) According to the passage which of the following features have been mentioned true about Goods and Services Tax?

  1. It moves the tax system from production to consumption.
  2. It eliminates a major bane of having to pay tax on tax
  3. The GST has non-interlinked incentives for the whole value chain.

a) ii and iii

b) i and ii

c) i and iii

d) All except i

e) All are correct

2) According to the passage which of the following given benefits is not expected to be brought to the economy after implementation of GST?

a) Lower inflation

b) Higher GDP growth

c) Buoyant tax collections

d) Increase cost and complexity

e) Wider coverage and less tax evasion

3) According to the passage what are some fault lines associated with the Goods and Services Tax?

  1. With five slabs plus cess, we have increased the chance of classification disputes, discretion and litigation
  2. The GST has interlocking incentives for compliance
  3. Almost 60% of India’s GDP is from services and the rate is moving from 15 to higher, it is quite likely that inflation will ascend

a) i and iii

b) ii and iii

c) i and ii

d) All except iii

e) All are correct

4) Which of the following is true in the context of the passage?

  1. The tax burden on industry is heading up in the GST.
  2. The only large economy exception without a GST is the United States.
  3.  The interlocked incentives of GST look similar to Grameen Bank’s joint liability lending in microfinance.

a) Only iii

b) i and iii

c) ii and iii

d) i and ii

e) None of these

5) Which of the following statements have been mentioned correct about the Goods and Services Tax?

  1. The GST is supposed to bring a truly common economic market across the country.
  2. Price moderation is possible due to the supply side-effect of the GST in the long term
  3. A large segment of items is still not covered by the GST such as crude oil, natural gas, aviation fuel, diesel, petrol etc.

a) ii and iii

b) i and ii

c) i and iii

d) All except ii

e) All are correct

6) Which of the following is not true in the context of the passage?

  1. The low rates encourage tax evasion, distort decisions, and promote wasteful resources into tax avoidance.
  2. Before the implementation of the GST, the service tax had just one rate that was 15%
  3.  Single rates are tough to comply with and involve much higher disputes.

a) All except i

b) i and iii

c) ii and iii

d) i and ii

e) None of these

7) Choose the word which is most nearly the same in meaning as the word “assuaging” printed in bold as used in the passage.

a) Aggravate

b) Intensify

c) Tranquilize

d) Provoke

e) Exacerbate

8) Choose the word which is most nearly the same in meaning as the word “unleashing” printed in bold as used in the passage.

a) Unbridle

b) Untether

c) Liberation

d) Retention

e) Restrain

9) Choose the word which is most opposite in meaning of the word “cascading” printed in bold as used in the passage

a) Descend

b) Tumble

c) Disgorge

d) Plunge

e) Exude

10) Choose the word which is most opposite in meaning of the word “exacerbate” printed in bold as used in the passage

a) Appease

b) Embitter

c) Inflame

d) Provoke

e) Envenom

Directions (11-15): Each sentence below has one or two blanks, each blank indicating that something has been omitted. Below the sentence are five sets of words. Choose the set of words for each blank that best fits the meaning of the sentence as a whole.

11) There is already a Green India Mission, which is distinct from the framework ______ for compensatory afforestation, what the Centre needs to do is to enable independent _______ of all connected programmes.

a) Confront, probed

b) Envisaged, audit

c) Anticipate, vetted

d) Foreseen, dissect

e) Scorned, scrutinize

12) Indian policymakers who appear to be aware of this _____truth should focus their efforts on quiet back-channel lobbying, and _______knee-jerk reactions every time the “Buy American, Hire American” rhetoric echoes in Washington.

a) Profound, shunned

b) Implied, forgone

c) Tenuous, evaded

d) Strident, disavow

e) Subtle, eschew

13) With the fiscal windfall from low oil prices likely to end for now, the government should think for the long term and make crucial ______to its hydrocarbon exploration and licensing policy to ______ oil discovery and production.

a) Tweaks, expedite

b) Jerk, facilitates

c) Alteration, precipitate

d) Twists, collaborates

e) Refinements, detain

14) It is _______ that the government proceed with caution in step and consistency in statement, and drop the ambiguity it has ______ since the Doklam stand-off began in June.

a) Obligatory, fondle

b) Clamant, entwines

c) Imperative, embraced

d) Exigent, commuted

e) Autocratic, emancipated

15) Given the number of times that protectionist rhetoric has identified this visa category as a soft target and the relatively high frequency of spikes in political pressure to protect American jobs, one would expect a more _____ reaction than _______ panic.

a) Varied, turbulent

b) Nuanced, unbridled

c) Dashed, curbed

d) Implicating, crazed

e) Tinging, riotous

 

Directions (16-20): In each of the following questions on phrase has been given and it has been followed by four sentences. You have to find out on which sentences phrase has been used properly according to its meaning and mark your answer from the options denoted a), b), c), d) Mark e) as your answer of you find that the phrase has been applied properly in all sentences

16) Take for

  1. I took it for the truth.
  2. Don’t take silence for approval.
  3. Don’t take your frustration for in such an aggressive manner.
  4. I’m taking for while the supervisor is on vacation.

a) ii and iii

b) i and ii

c) iii and iv

d) i and iv

e) All are correct

17) Dine out

  1. He has been able to dine out on that story for the last 26 years
  2. We rarely dine out these days.
  3.  The diners ran from the restaurant when the fire started
  4. We shall dine at half-past eight

a) iii and iv

b) ii and iii

c) i and ii

d) All except iv

e) All are correct

18) Pass around

  1. The spy was able to pass around a regular citizen.
  2. We passed around each plate of food that was brought to us.
  3. The clowns passed around pieces of candy to the children.
  4. The larger trees had passed around the scene years ago

a) i and ii

b) i and iv

c) ii and iii

d) iii and iv

e) All are correct

19) Jump out

  1. The misspellings jumped out at me.
  2. That’s a very effective advertisement it really jumps out at you.
  3. A phrase jumped out at me in a piece about copyright
  4. The project jumped out with great enthusiasm.

a) i and iii

b) ii and iv

c) i and ii

d) All except iv

e) All are correct

20) Pull over

  1. The children pulled the covers over their heads.
  2. The chef pulled a lobster over of the tank.
  3. We pulled over of town in the evening.
  4. We saw a police car pulling over a truck.

a) i and iv

b) ii and iii

c) i and iii

d) ii and iv

e) All are correct

Answers:

1. Correct Answer is: b)

It is mentioned in the para 1-Here are the key features of the GST. First, it moves the tax system from production to consumption, Second, it eliminates a major bane of cascading, i.e. having to pay tax on tax. It will thus increase efficiency of taxation.

2. Correct Answer is: d)

It is mentioned in the para 1-the GST is expected to bring many benefits to the economy. These are higher GDP growth, lower inflation, buoyant tax collections, wider coverage and less tax evasion.

3. Correct Answer is: a)

It is mentioned in the para 2&3-First, with five slabs of 0%, 5%, 12%, 18%, 28% plus cess, we have increased the chance of classification disputes, discretion and litigation, By keeping most of the goods consumed by the poor the hope is that inflation will be in check. Since almost 60% of India’s GDP is from services, and the rate is moving from 15 to higher, it is quite likely that inflation will inch up

4. Correct Answer is: c)

It is clearly mentioned in the para 1&3-The tax burden on industry is coming down in the GST, The only large economy exception without a GST is the United States, In that respect, the GST’s interlocked incentives look similar to Grameen Bank’s joint liability lending in microfinance.

5. Correct Answer is: e)

It is clearly mentioned in the para 1&3-Finally, a large part of the economy is still not covered by the GST. Potable alcohol, crude oil, natural gas, aviation fuel, diesel, petrol, electricity and real estate are currently out. In the longer term, further price moderation is possible due to the supply side-effect of the GST. The GST is expected to bring many benefits to the economy. These are higher GDP growth, lower inflation, buoyant tax collections, wider coverage and less tax evasion, and, most importantly, a truly common economic market across the country.

6. Correct Answer is: b)

It is mentioned in the para 2&3-Single or few rates are easy to comply with and involve much lower disputes. Indeed, before the introduction of this GST, the service tax had just one rate, that was 15%, applicable to all services. The high rates encourage tax evasion, distort decisions, and promote wasteful resources into tax avoidance.

7. Correct Answer is: c)

The meaning of assuaging is to mitigate or put an end to something

8. Correct Answer is: d)

The meaning of unleashing is to cause a strong or violent force to be released

9. Correct Answer is: e)

The meaning of cascading is to pass something on to a succession of others

10. Correct Answer is: a)

The meaning of exacerbate is to make a problem worse.

Directions (11-15):

11. Correct Answer is: b)

The meaning of “envisaged” is “to think of something or to visualize” and it is suitable for i blanks and the meaning of “audit” is “to conduct an official financial inspection” so it is appropriate for ii blank.

12. Correct Answer is: e)

The meaning of “subtle” is “making use of clever and indirect methods to achieve something” and it is suitable for i blanks and the meaning of “eschew” is “to give up or have nothing to do with” so it is appropriate for ii blank.

13. Correct Answer is: a)

The meaning of “tweaks” is “a fine adjustment to a mechanism or system” and it is suitable for i blanks and the meaning of “expedite” is “to make a process happen sooner or be accomplished more quickly” so it is appropriate for ii blank.

14. Correct Answer is: c)

The meaning of “imperative” is “of vital importance” and it is suitable for i blanks and the meaning of “embraced” is “to accept theory or change willingly” so it is appropriate for ii blank

15. Correct Answer is: b)

The meaning of “nuanced” is “of slight difference” and it is suitable for i blanks and the meaning of “unbridled” is “free someone or something from control” so it is appropriate for ii blank

Directions (16-20):

16. Correct Answer is: b)

The meaning of “take for” is to regard as or to consider mistakenly and the phrase has been applied properly in i and ii sentences

17. Correct Answer is: e)

The meaning of “dine out” is to have dinner, to go to a restaurant to eat or a person who dines and the phrase has been applied properly in all the sentences

18. Correct Answer is: c)

The meaning of “pass around” is to transfer something from one person to another or to offer something and the phrase has been applied properly in ii and ii sentences

19. Correct Answer is: d)

The meaning of “jump out” is to be readily noticed and the phrase has been applied properly in i, ii and iii sentences

20. Correct Answer is: a)

The meaning of “pull over” is to draw or drag something over or to instruct or force someone to do something and the phrase has been applied properly in i and iv sentences

Daily Practice Test Schedule | Good Luck

Topic Daily Publishing Time
Daily News Papers & Editorials 8.00 AM
Current Affairs Quiz 9.00 AM
Quantitative Aptitude “20-20” 11.00 AM
Vocabulary (Based on The Hindu) 12.00 PM
General Awareness “20-20” 1.00 PM
English Language “20-20” 2.00 PM
Reasoning Puzzles & Seating 4.00 PM
Daily Current Affairs Updates 5.00 PM
Data Interpretation / Application Sums (Topic Wise) 6.00 PM
Reasoning Ability “20-20” 7.00 PM
English Language (New Pattern Questions) 8.00 PM

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