[Mission 2023] Current Affairs Quiz ,24 December 2022

Solution: b)

India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.8% uptick over last year. The net direct tax collection of ₹11,35,754 crore includes Corporation Tax (CIT) at ₹6,06,679 crore (net of refund) and Personal Income Tax, including Securities Transaction Tax at ₹5,26,477 crore.

MAT or Minimum Alternate Tax is a provision in Direct tax laws to limit tax exemptions availed by companies, so that they mandatorily pay a minimum amount of tax to the government.

VAT is an indirect tax.

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Solution: c)

Solution: c)

Bhasha Samman awards will be given to scholars who have done valuable work in the field of classical and medieval literature.

Source

Solution: b)

One of the Directive Principles of State Policy (DPSP) mentions that “in particular, the State shall endeavour to bring about prohibition of the consumption except for medicinal purposes of intoxicating drinks and of drugs which are injurious to health.” 

However, according to the Seventh Schedule of the Constitution, alcohol is a state subject, i.e. state legislatures have the right and responsibility to draft laws regarding it, including “the production, manufacture, possession, transport, purchase and sale of intoxicating liquors.”

All states have some regulations with regards to alcohol consumption and sale (like age requirements or dry days).  Currently, there are five states with total prohibition and some more with partial prohibition.

Source

Solution: d)

246A – (1) Notwithstanding anything contained in articles 246 and 254, Parliament, and, subject to clause (2), the Legislature of every State, have power to make laws with respect to goods and services tax imposed by the Union or by such State. (2) Parliament has exclusive power to make laws with respect to goods and services tax where the supply of goods, or of services, or both takes place in the course of inter-State trade or commerce.