[MISSION 2024] RTM(Revision through MCQs)- 4 July 2023

Ans: (b)

Explanation

• Corporate Social Responsibility (CSR) was established in India under Section 135 of the Companies Act 2013.
• If a company spends an amount in excess of the minimum 2%, as stipulated, the excess amount is liable to be set off against spending in the succeeding three financial years.
• The first proviso to Section 135(5) of the Act is that the company should give preference to local areas/areas around it where it operates.
• Under the existing regulation, monitoring is by a board-led, disclosure-based regime, with companies reporting their CSR spends annually to the Corporate Affairs Ministry (MCA) through filing of an annual report.

Refer: https://www.insightsonindia.com/2023/07/04/impact-of-csr-funds/

Ans: (b)

Explanation

• It is an indirect tax (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 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/2023/07/04/6-years-of-gst/

Ans: (a)

Explanation

• Methods of Taxation
  • There are three methods of taxation prevalent in economies.
• Progressive taxation
  • This method has increasing rates of tax for increasing value or volume on which the tax is being imposed.
  • Indian income tax is a typical example of it. The idea here is less tax on the people who earn less and higher tax on the people who earn more.
• Regressive taxation
  • This is just opposite to the progressive method having decreasing rates of tax for increasing value or volume on which the tax is being imposed.
  • As a provision of promotion, some sectors might be imposed with regressive taxes. As for example, to promote the growth and development of small-scale industries, India at one time had regressive excise duty on their productions—with increasing slabs of volume they produced, the burden of tax used to go on decreasing.
• Proportional taxation
  • Such taxes have fixed rates for every level of income or production, they are neutral from the poor or rich point of view or from the point of view of the levels of production. Usually, this is not used by the economies as an independent method of taxation.

Refer: https://www.insightsonindia.com/2023/07/04/6-years-of-gst/

Ans: (d)

Explanation:

• About GST Council:
  • It is an apex committee to modify, reconciles or make recommendations to the Union and the States on GST, like the goods and services that may be subjected 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/2023/07/04/6-years-of-gst/

Ans: (c )

Explanation:

• Scientists confirmed the existence of low-frequency gravitational waves predicted by Einstein’s General Theory of Relativity.
• Gravitational waves are ripples in space-time caused by the movement and merging of massive objects.
• Radio telescopes studying pulsars detected inconsistencies in radiation bursts, indicating the presence of gravitational waves.
• These waves likely originated from the merger of large black holes at the centres of galaxies.
• The discovery expands our understanding of the universe, black holes, and the workings of space-time.

Refer: https://www.insightsonindia.com/2023/07/04/different-articles-related-to-space/

Ans: (a)

Explanation:

• Context: Twitter has implemented temporary reading limits to address issues of data scraping and system manipulation.
• What is Data Scrapping?
  • Data scraping refers to the automated process of extracting large amounts of data from websites or digital platforms. It involves using software or scripts to gather information from web pages, or platforms like Twitter and then using the data for creating new content, journalism or research purpose.

Refer: https://www.insightsonindia.com/2023/07/04/data-scrapping/

Ans: (b)

Explanation

Refer: https://www.insightsonindia.com/2023/07/04/dharma-chakra-day/

Ans: (b)

Explanation:

• The Denisovans or Denisova hominins are an extinct species or subspecies of archaic humans in the genus Homo.
• Scientists have uncovered the most complete remains yet from the mysterious ancient-hominin group known as the Denisovans.
• The jawbone, discovered high on the Tibetan Plateau and dated to more than 160,000 years ago, is also the first Denisovan specimen found outside the Siberian cave in which the hominin was uncovered a decade ago — confirming suspicions that Denisovans were more widespread than the fossil record currently suggests.
• The research marks the first time an ancient human has been identified solely through the analysis of proteins. With no usable DNA, scientists examined proteins in the specimen’s teeth, raising hopes that more fossils could be identified even when DNA is not preserved.

Refer: https://www.insightsonindia.com/2023/07/04/tam-pa-ling-cave/

Ams: (c )

Explanation:

• Context: Gucchi mushroom hunters are facing distressing circumstances for the second consecutive year as a result of unpredictable weather patterns, early springs, and above-average temperatures, leading to another season of low yield.
• About Gucchi Mushroom:
  • The Guchhi mushroom is a species of fungus in the family Morchellaceae of the Ascomycota. They are pale yellow in colour with large pits and ridges on the surface of the cap, raised on a large white stem.
  • These mushrooms are also replete with health benefits. They are rich in potassium, vitamins and copper. They are also a rich source of vitamin D apart from several B vitamins.
  • It is further rich in antioxidants that prevent health issues including heart diseases and diabetes by removing reactive oxygen species that harm the body.
  • It is grown in the foothills of Himalayas in Himachal Pradesh, Uttaranchal, and Jammu and Kashmir.

Refer: https://www.insightsonindia.com/2023/07/04/gucchi-mushroom/

Ans: (d)

Explanation:

• According to the Union Ministry of Road and Transport, approximately 70% of the construction work on the India-Myanmar-Thailand Trilateral Highway has been completed.
• India–Myanmar–Thailand Trilateral Highway (IMT Highway), a 1,360 km long route, is a highway under construction under India’s Look East policy that will connect Moreh, India with Mae Sot, Thailand via Myanmar. Also, there is a proposal to extend it to Cambodia, Laos and Vietnam

Refer: https://www.insightsonindia.com/2023/07/04/india-myanmar-thailand-trilateral-highway-2/