1. Which of the following statements regarding the World Trade Organisation (WTO) is/are correct?
1. WTO is a specialised agency of United Nations.
2. Its secretariat is located at Geneva, Switzerland.
3. India is a founder member of WTO.
Select the correct answer using the code given below.
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer (b) Explanation :
✓ WTO is not a specialised agency of UN.
✓ India is a founder member of the WTO.
2. Which of the following statements is/are correct regarding the International Monetary Fund (IMF)?
1. For India, the Finance Minister is the ex-officio Governor on the Board of Governors of the IMF.
2. India’s quota in the IMF is more than 4 per cent.
3. IMF conducts regular review of India’s economic status under Article IV.
Select the correct answer using the code given below.
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 only
(d) 1, 2 and 3
Answer (b) Explanation :
✓ International Monetary Fund (IMF) is a specialised agency of the United Nations. The primary purpose of IMF is to ensure the stability of the international monetary system.
✓ For India, the Finance Minister is the ex-officio Governor on the Board of Governors
of the IMF. Governor, RBI is India's Alternate Governor.
✓ India’s quota in IMF is 2.7 per cent and the voting share of India had increased to 2.6 percent.
✓ As part of its mandate for international surveillance under the Articles of Agreement, the IMF conducts what is known as Article IV consultations to review the economic status of member countries.
3. Which of the following are the programmes/schemes funded by World Bank and carried out in India?
1. Skills Strengthening for Industrial Value Enhancement (STRIVE).
2. Sustainable Programme Incorporating Nutrition and Games (SPRING).
3. Global Wildlife Programme.
4. Poverty Reduction and Growth Facility (PRGF).
Select the correct answer using the code given below.
(a) 1, 2 and 3
(b) 1, 2 and 4
(c) 2, 3 and 4
(d) 1, 3 and 4
Answer (a) Explanation :
✓ Skills Strengthening for Industrial Value Enhancement (STRIVE) : The objective of the STRIVE Operation Project for India is to improve access to quality and market-driven vocational training provided in ITIs and apprenticeships.
✓ Sustainable Programme Incorporating Nutrition and Games (SPRING) : SPRING, uses home visits by community-based health workers to improve development. In India and Pakistan, SPRING is being implemented in concert with government programs that support child development, and the results of the evaluations will help policymakers in India and Pakistan better understand what is effective and scalable. ✓ The Global Wildlife Programme is a World-Bank led global partnership that promotes wildlife conservation and sustainable development by combating illicit trafficking in wildlife.
✓ IMF established the Poverty Reduction and Growth Facility (PRGF) to make the objectives of poverty reduction and growth more central to lending operations in its poorest member countries.
4. Which of the following entities is / are eligible to opt for GST Composition Scheme:
1. Businesses dealing only in goods and restaurant sector taxpayers with annual turnover less than 1.5 Crore.
2. Traders involved in intra-state supply of goods.
3. Traders involved in inter-state supply of goods.
4. Entities supplying goods through e-commerce operators.
Select the correct answer using the code given below.
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 and 4
(d) 1, 2 and 4
Answer (a) Explanation :
GST Composition Scheme
✓ GST Composition scheme is a convenient way for the small taxpayers in order to escape from too many GST formalities and pay the tax at a fixed rate based on their business turnover.
✓ Small taxpayers with an aggregate turnover in a financial year up to Rs. 1.5 Crore,
shall be eligible for composition levy.
✓ Following entities are not eligible to opt for GST Composition Scheme:
• Persons making any inter-State outward supplies of goods ( NOT intra-state supplies)
• Entities supplying goods through e- commerce operators
• Supplier of services, other than restaurant service
• Persons supplying goods which are not taxable under GST law.
5. With reference to the National Anti-profiteering Authority (NAA), consider the following statements:
1. It is to be headed by a senior officer of the level of Secretary to the Government of India with four Technical Members from the Centre and/or the States.
2. The Authority shall cease to exist after the expiry of two years from the date on which the Chairman enters upon his office unless the GST Council recommends otherwise.
3. The Additional Director General of Safeguards under the Central Board of Excise and Customs (CBEC) shall be the Secretary to the Authority.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 3 only
(d) 1, 2 and 3
Answer (d) Explanation :
✓ National Anti-profiteering Authority (NAA) is an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.
✓ NAA is to be headed by a senior officer of the level of Secretary to the Government of
India with four Technical Members from the Centre and/or the States
✓ This institutional framework comprises the NAA, a Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC).
✓ The Additional Director General of Safeguards under the CBEC (Board) shall be the
Secretary to the Authority.
✓ The Authority shall cease to exist after the expiry of two years from the date on
which the Chairman enters upon his office unless the Council recommends otherwise.