Read the following passage carefully and answer the questions given below it. Certain words have been printed in bold to help you locate them while answering some questions.
Soon after the seventh meeting of the Goods and Services Tax Council, the Finance Minister said only one difficult issue remains pending to enable the implementation of the new indirect tax regime. The Centre is determined to introduce the GST from April 1, 2017, and given the time constraints posed by that deadline, the minister expressed hope that States would rise to the occasion and help resolve the issue. It can be safely assumed he was referring to the turf battle between the Centre and States on sharing administrative powers over taxpayers in the new system, even if this is not the only hurdle left to cross. This was the first time the Council met after the washed-out winter session of Parliament, with no movement on four enabling GST legislations. Over two days, the Council managed to clear the current drafts of the Centre and State GST Bills and agreed on a two-monthly compensation payout to States, instead of a quarterly one, for revenue losses they might incur after the switch. The trickiest tangle of cross empowerment or dual administrative control will now be taken up in the first month of 2017, along with the model integrated GST Bill and the legalese around compensation payments to States.
Even though an April 1 roll-out now looks increasingly unlikely, the Council’s next meeting is critical to enable the GST laws to make it to the Budget session of Parliament. States have mooted a July 1 start for the GST regime, and that date could be pushed as far as September 16, 2017, following which all existing indirect taxes will lapse. Since it is a transaction tax, the GST can technically be started any time of the year. Although that would be an accounting headache for firms, industry may be better off with the extra time to prepare for the new order. Between now and then, the Centre’s self-imposed 50-day deadline for reducing the pain caused by the demonetization of high-value currency notes would have passed too. States may harden their stance on GST negotiations if the demonetization process hasn’t picked up by December 30. The Centre has so far brushed aside demands from Tamil Nadu and West Bengal for additional compensation to make good the revenue losses triggered by the slump in demand in the ongoing currency crisis. It is unlikely to be a coincidence that soon after the Andhra Pradesh Chief Minister spoke out about the implementation of the demonetization exercise, his representative in the GST Council said the State would not accept the levy of a cess by the Centre in order to reimburse States. The Centre may need to rise to the occasion as much as States do to steer the GST regime forward.
Q1. By resolving the only one difficult issue which remains pending in GST Council, which of the following would be enable?
(A) The implementation of the new indirect tax regime.
(B) The eighth meeting of the Goods and Services Tax Council will be planned
(C) The Centre will be blocked to introduce the GST
(C) The Centre will be blocked to introduce the GST
(1) Only A
(2) Only B
(3) Only C
(4) Only A and B
(5) Only B and C
Q2. Which of the following will be taken up in the first month of 2017?
(1) The trickiest tangle of cross empowerment or dual administrative control
(2) The implementation of the demonetization exercise
(3) The only one difficult issue which remains pending to enable the eighth meeting of the Goods and Services Tax Council
(4) Revenue losses
(5) Not given in the passage
Q3. Which of the following is TRUE in the context of the passage?
(A) The GST can technically be started any time of the year.
(B) States may harden their stance on GST negotiations if the remonetisation process hasn’t picked up by December 30.
(C) Over two days last week, the Council managed to clear the current drafts of the Centre.
(1) Only A
(2) Only B
(3) Only C
(4) All A, B and C
(5) All except C
Q4. Which of the following is NOT TRUE in the context of the passage?
(A) The minister expressed hope that States would rise to the occasion and help resolve the issue.
(B) The Centre may not need to rise to the occasion as much as States do to steer the GST regime forward.
(C) The GST can technically be started any time of the year.
(1) Only A
(2) Only B
(3) Only C
(4) All A, B and C
(5) Only A and B
Q5. What should be the most appropriate TITLE of the passage?
(1) A goods and services tangle
(2) The RBI and its policy
(3) Demonetization
(4) Congo’s political battles
(5) Fire in the sky
Q6. Choose the word/phrase most similar in meaning to the word/phrase printed in bold, as used in the passage.
Steer
(1) Abandon
(2) Duress
(3) Spur
(4) Repression
(5) Guide
Q7. Choose the word/phrase most similar in meaning to the word/phrase printed in bold, as used in the passage.
Lapse
(1) Slip
(2) Sod
(3) Commune
(4) Enclosure
(5) Patch
Q8. Choose the word/phrase most similar in meaning to the word/phrase printed in bold, as used in the passage.
Better off
(1) Defeat
(2) In a better condition
(3) Oppose
(4) In a bad condition
(5) Reflex
Q9. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Mooted
(1) Closed
(2) Advanced
(3) Adverted
(4) Introduced
(5) Broach
Q10. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Constraints
(1) Freedom
(2) Pressure
(3) Driving
(4) Restraint
(5) Compulsion
Answers :
Q.1(1) Q2. (1) Q3. (4) Q4. (2) Q5. (1) Q6. (5) Q7. (1) Q8. (2) Q9. (1) Q10. (1)
