[MISSION 2023] RTM(Revision through MCQs)- 19 Dec 2022

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/

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/

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/

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/

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/

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/

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/

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/

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/

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/