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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.
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New Initiative: Revision Through MCQs (RTM) – Revision of Current Affairs Made Interesting
As revision is the key to success in this exam, we are starting a new initiative where you will revise current affairs effectively through MCQs (RTM) that are solely based on Insights Daily Current Affairs.
These questions will be different than our regular current affairs quiz. These questions are framed to TEST how well you have read and revised Insights Current Affairs on daily basis.
We will post nearly 10 MCQs every day which are based on previous day’s Insights current affairs. Tonight we will be posting RTM questions on the Insights current affairs of October 3, 2019.
The added advantage of this initiative is it will help you solve at least 20 MCQs daily (5 Static + 5 CA Quiz + 10 RTM) – thereby helping you improve your retention as well as elimination and guessing skills.
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Question 1 of 10
1. Question
1 pointsConsider the following statements about Goods and Services Tax (GST):
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- It is an indirect tax
- It is imposed on both manufacturers and sellers of goods, as well as suppliers of services.
- For tax collection, it is divided into four tax slabs
Which of the statements given above is/are correct?
Correct
Ans: (a)
Explanation:About Goods and Services Tax (GST):
- It is an indirect tax (a tax which is not directly paid by customers to the government) that came into effect on July 1, 2017, as a result of the 101st Amendment to the Indian Constitution.
- It has replaced several indirect taxes in the country, including service taxes, VAT, excise, etc.
- It is imposed on both manufacturers and sellers of goods, as well as suppliers of services.
- For tax collection, it is divided into five tax slabs – 0%, 5%, 12%, 18%, and 28%.
Refer: https://www.insightsonindia.com/2022/12/19/decriminalisation-of-offences-under-gst/
Incorrect
Ans: (a)
Explanation:About Goods and Services Tax (GST):
- It is an indirect tax (a tax which is not directly paid by customers to the government) that came into effect on July 1, 2017, as a result of the 101st Amendment to the Indian Constitution.
- It has replaced several indirect taxes in the country, including service taxes, VAT, excise, etc.
- It is imposed on both manufacturers and sellers of goods, as well as suppliers of services.
- For tax collection, it is divided into five tax slabs – 0%, 5%, 12%, 18%, and 28%.
Refer: https://www.insightsonindia.com/2022/12/19/decriminalisation-of-offences-under-gst/
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Question 2 of 10
2. Question
1 pointsThe Chairman of ‘G.S.T. Council’ in India is
Correct
Ans: (d)
Explanation:
- About GST Council:
- It is an apex committee to modify, reconcile or makes recommendations to the Union and the States on GST, like the goods and services that may be subjected to or exempted from GST, model GST laws, etc.
- Article 279A of the Indian Constitution empowers the President of India to constitute a joint forum of the Centre and States called the GST Council.
- The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in charge of Finance or Taxation of all the States.
Refer: https://www.insightsonindia.com/2022/12/19/decriminalisation-of-offences-under-gst/
Incorrect
Ans: (d)
Explanation:
- About GST Council:
- It is an apex committee to modify, reconcile or makes recommendations to the Union and the States on GST, like the goods and services that may be subjected to or exempted from GST, model GST laws, etc.
- Article 279A of the Indian Constitution empowers the President of India to constitute a joint forum of the Centre and States called the GST Council.
- The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in charge of Finance or Taxation of all the States.
Refer: https://www.insightsonindia.com/2022/12/19/decriminalisation-of-offences-under-gst/
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Question 3 of 10
3. Question
1 points- Quantum computing can find potential applications in the which of the following areas?
- Improved weather forecasting
- Traffic optimisation
- Developing powerful batteries for Electric vehicles
- Giving a 5-dimensional effect on entertainment videos
Select the correct answer code:
Correct
Ans: (a)
Explanation:
- The greater calculation power of quantum computers could find applications in the following areas.
- Simulating complex molecules is one of the ground breaking applications of quantum computing. Today’s supercomputers at best can simulate simple molecules. With simulation of complex molecular simulation, the most stable configuration of compounds can be determined. This application is crucial in development of novel drugs and better batteries.
- Further better calculating powers help in predicting and managing the flow of vehicles, thereby optimising traffic management.
Refer: https://www.insightsonindia.com/2022/12/19/the-challenges-of-quantum-computing/
Incorrect
Ans: (a)
Explanation:
- The greater calculation power of quantum computers could find applications in the following areas.
- Simulating complex molecules is one of the ground breaking applications of quantum computing. Today’s supercomputers at best can simulate simple molecules. With simulation of complex molecular simulation, the most stable configuration of compounds can be determined. This application is crucial in development of novel drugs and better batteries.
- Further better calculating powers help in predicting and managing the flow of vehicles, thereby optimising traffic management.
Refer: https://www.insightsonindia.com/2022/12/19/the-challenges-of-quantum-computing/
- Quantum computing can find potential applications in the which of the following areas?
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Question 4 of 10
4. Question
1 pointsConsider the following statements about Global Methane Initiative:
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- It was launched at COP26 in November 2021 to catalyze action to reduce methane emissions.
- India is not a part of this initiative.
Which of the statements given above is/are correct?
Correct
Ans; (d)
Explanation:
- Global Methane Initiative: (Not to be confused with Global Methane Pledge, of which India is not a part)
- The Global Methane Initiative (GMI) is an international public-private partnership focused on reducing barriers to the recovery and use of methane as a valuable energy source.
- In 2004, 14 countries launched the original initiative. As of 2015, 41 countries, including India and the European Commission,are part of the initiative.
Refer: https://www.insightsonindia.com/2022/12/19/how-can-methane-released-in-livestock-belches-be-reduced/
Incorrect
Ans; (d)
Explanation:
- Global Methane Initiative: (Not to be confused with Global Methane Pledge, of which India is not a part)
- The Global Methane Initiative (GMI) is an international public-private partnership focused on reducing barriers to the recovery and use of methane as a valuable energy source.
- In 2004, 14 countries launched the original initiative. As of 2015, 41 countries, including India and the European Commission,are part of the initiative.
Refer: https://www.insightsonindia.com/2022/12/19/how-can-methane-released-in-livestock-belches-be-reduced/
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Question 5 of 10
5. Question
1 points‘Basic Exchange and Cooperation Agreement (BECA)’ is sometimes seen in the news in the context of negotiations held between India and
Correct
Ans: (c )
Explanation:
- India-US has cordial defence relations. India accorded US ‘Strategic Trade Authorization Tier 1 status’ in 2018 while the US accorded India ‘Major Defence Partner’ status in 2016. It allows high-technology product sales between the two militaries.
- Other Agreements between the two nations: GSOMIA (2002), LEMOA (2016), COMCASA (2018), BECA (2020)
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
Incorrect
Ans: (c )
Explanation:
- India-US has cordial defence relations. India accorded US ‘Strategic Trade Authorization Tier 1 status’ in 2018 while the US accorded India ‘Major Defence Partner’ status in 2016. It allows high-technology product sales between the two militaries.
- Other Agreements between the two nations: GSOMIA (2002), LEMOA (2016), COMCASA (2018), BECA (2020)
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
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Question 6 of 10
6. Question
1 pointsWith reference to OECD/G20 Inclusive Framework tax deal, consider the following statements:
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- It consists of reallocation of additional share of profit to the market jurisdictions.
- It did not prioritize the issue of minimum tax and was subject to tax rules.
Which of the statements given above is/are correct?
Correct
Ans: (a)
Explanation: OECD/G20 Inclusive Framework tax deal:
- The OECD/G20 Inclusive Framework on BEPS brings together over 135 countries and jurisdictions to collaborate on the implementation of the BEPS Package. The BEPS package provides 15 Actions that equip governments with the domestic and international instruments needed to tackle tax avoidance.
- The proposed solution consists of two components- Pillar One which is about reallocation of additional share of profit to the market jurisdictions and Pillar Two consisting of minimum tax and subject to tax rules.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
Incorrect
Ans: (a)
Explanation: OECD/G20 Inclusive Framework tax deal:
- The OECD/G20 Inclusive Framework on BEPS brings together over 135 countries and jurisdictions to collaborate on the implementation of the BEPS Package. The BEPS package provides 15 Actions that equip governments with the domestic and international instruments needed to tackle tax avoidance.
- The proposed solution consists of two components- Pillar One which is about reallocation of additional share of profit to the market jurisdictions and Pillar Two consisting of minimum tax and subject to tax rules.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
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Question 7 of 10
7. Question
1 pointsConsider the following statements about Organisation for Economic Co-operation and Development (OECD):
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- It is an intergovernmental economic organisation with 73 member countries.
- It was founded in 1961 to stimulate economic progress and world trade.
- The headquarters for the organization is located in Paris, France.
Which of the given above statements is/are correct?
Correct
Ans: (b)
Explanation:
- S3: The headquarters for the organization is located in Paris, France.
- S1 and S2: It is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
Incorrect
Ans: (b)
Explanation:
- S3: The headquarters for the organization is located in Paris, France.
- S1 and S2: It is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
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Question 8 of 10
8. Question
1 pointsThe term ‘Base Erosion and Profit Shifting’ is sometimes seen in the news in the context of
Correct
Ans: (b)
Explanation:
- Base erosion and profit shifting (BEPS) refers to tax planning strategies used by multinational enterprises that exploit gaps and mismatches in tax rules to avoid paying tax.
- Developing countries’ higher reliance on corporate income tax means they suffer from BEPS disproportionately.
- BEPS practices cost countries USD 100-240 billion in lost revenue annually.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
Incorrect
Ans: (b)
Explanation:
- Base erosion and profit shifting (BEPS) refers to tax planning strategies used by multinational enterprises that exploit gaps and mismatches in tax rules to avoid paying tax.
- Developing countries’ higher reliance on corporate income tax means they suffer from BEPS disproportionately.
- BEPS practices cost countries USD 100-240 billion in lost revenue annually.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
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Question 9 of 10
9. Question
1 pointsWhy is Bharat (BH ) Series Registration Mark introduced in India?
Correct
Ans: (c )
Explanation: What is the BH number plate?
- The Government of India introduced the BH Number Plate or Bharat Series Registration Number for non-transport vehicles in August 2021. The BH Series number plate removes the obligation of transferring vehicle registration after moving from one state to the other.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
Incorrect
Ans: (c )
Explanation: What is the BH number plate?
- The Government of India introduced the BH Number Plate or Bharat Series Registration Number for non-transport vehicles in August 2021. The BH Series number plate removes the obligation of transferring vehicle registration after moving from one state to the other.
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
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Question 10 of 10
10. Question
1 pointsIn the Constitution of India, ‘water’ is a matter included in
Correct
Ans: (a)
Explanation:
- In the Constitution, water is a matter included in Entry 17 of List-II i.e. State List
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
Incorrect
Ans: (a)
Explanation:
- In the Constitution, water is a matter included in Entry 17 of List-II i.e. State List
Refer: facts for prelims: https://www.insightsonindia.com/2022/12/19/mission-2023-insights-daily-current-affairs-pib-summary-19-december-2022/
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