Skip to main content

Free Online English Reading Comprehension Practice Test : Part : 18




Directions (1-9): Read the following passage carefully and answer the questions given below them. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
Since its midnight launch on July 1 last year, India’s Goods and Services Tax regime has evolved significantly. There have been serious implementation issues, but also the administrative will and flexibility to address most of these, with the Centre and States working together in the GST Council. After its initial days were marred by stuttering IT systems, the deadline for filing returns was pushed forward till most taxpayers got a hang of the system and the GST Network could augment its capacity. Industry had anxieties about the multiple tax rates, ranging from zero to 28%, with a cess on demerit goods. But gradually, the number of goods under the 28% bracket has been brought down to 50 from around 200. A unique component envisaged in India’s GST regime, matching of invoices for granting tax credits, has been kept on hold for fear of adding to taxpayers’ transition pains. 
Despite its glitches and snarls, the new tax has taken firm root and is altering the economic landscape positively. The strongest sign of this is the entry of over 4.5 million entities in the country’s tax net, many of which would have so far been part of the cash-driven, informal economy. This expansion of the tax net will also help increase direct tax collections. At Sunday’s GST Day celebrations, Prime Minister Narendra Modi ruled out a single tax rate but hinted at lower rates for more items. He was reacting to criticism about the flawed implementation of the One Nation, One Tax concept. Rhetoric aside, there is a clear buoyancy in revenue after a wobbly initial trend. The government was eyeing a little over ₹90,000 crore a month to make up for the revenues earned under the earlier regime and to compensate States for any losses due to the GST. Finance Minister Piyush Goyal is confident that the average monthly collections this year could touch ₹110,000 crore. This surge must allay the fiscal concerns of the Centre and the States, and nudge policy-makers towards further rationalising the GST structure. Read more.....

Learn Free Online English Reading Comprehension Practice Test : Part : 18


For a FREE DEMO call @ +91-88009-99280/84

Important Tags : Gktoday 2019 & Current affairs in Hindi & English / Today Current affairs / Daily Gk Update / Daily Current affairs / Today Current affairs in Hindi 2019 / Today GK updates / 22nd January 2019/ Banking Classes

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Lessons-Worksheets-Question Papers-CBSE Class 2 English

Lessons-Worksheets-Question Papers-CBSE Class 2 English CBSE 2nd Class English – One and Many  In this blog, we share the spelling rules used in the concept of  One  and Many. When there is only one of a naming word (noun), it is said to be a  singular noun . When a noun shows more than one, it is said to be in the  plural . We can add  –S, -es, -ves or ies  to show that there is more than one noun.  For example,  we say many birds, four biscuits, six brushes. But for the students of  Class 2 , it’s very difficult and confusing to understand where to use  s , es, ves or ies  in the form of many. Don’t worry, it looks difficult, but it is very easy as in grammar each concept has a set of rules that need to practice. Noun ending with  –s, -x, -o, -sh, -ch, and –ss  form plurals by taking  –es. Look at these pairs of words: Bus – Buses Brush – Brushes Continue ..... Click here ...
Post a Comment
Read more

Class 3 English Practice Grammar Worksheet -The Adverb

 Class 3 English Practice Grammar Worksheet -The Adverb Class 3 English – The Adverb – Kinds of Adverb Fill in the blanks with suitable Adverbs of place. Choose from the box.  Up               outside                       everywhere                 back                down      away          here                           there                     ...
Post a Comment
Read more

PURCHASED GOODWILL METHOD UNDER IND AS 103

The acquisition of subsidiaries results in  Goodwill calculation  and also records net assets of the subsidiary at fair value on the date of acquisition. Let’s get answers to all the questions related to Goodwill, valuation of NCI, and impairment relating to them. Q1 – What are the ways in which an entity can make payment for purchase consideration? ANS: – Cash – Share exchange – Deferred payment – Contingent consideration Q2 – How is deferred payment dealt, when it forms part of purchase consideration? ANS:  The deferred payment is discounted to present value and included in the cost of consideration. At the end of each year, the liability is increased by unwinding the discount, until the payment is settled. For example, An amount of Rs. 108,000 was deferred to be paid after 2 years. The discount rate applicable is 8%. The net present value today of Rs. 108,000 is equal to (108,000 * 1) / (1.08) ^2)= Rs. 92,593 included in purchase consideration. A liability of Rs. 92,59...
Post a Comment
Read more