CUET Economics 2022 PYQs16 July Shift 2. Free, no login required.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Read the following case study carefully and answer questions based on it.

Employment has remained one of the top challenges of Indian policy makers, and over the years this has only become more complex. One there is considerable improvement in literacy, schooling and attainment of higher education and skills and vocational education in the country. The educated and trained manpower looks not for jobs alone but for decent jobs with better work environments, regular employment and better remuneration. However, job creation for this kind of employment has not kept pace with the increase in the number of job seekers. Two the aspirations of the labour class have been rising with the overall development of the country. Three the growth of industry and service sectors has been very uneven across different regions and states. This has resulted in a mismatch in employment opportunities and the supply of labour at local levels. Fourth there is a strong divergence between structural changes in the composition of output and employment. The industry and services sectors, which constitutes more than 80 percent of the gross value added in the country, provides employment to 54.4 percent of the workforce, and agriculture which accounted for 18.29 percent of GVA in 2019-20, retains 45.6 percent workforce. This divergence in sectoral in sectoral share in income and employment is manifested in the rising gap in per worker income in the agriculture and non-agriculture sectors, lastly, due to job security assured salary and other pay and prestige associated with it, preference towards government jobs has increased tremendously.

India has experienced more or less consistent and steady changes in the structure of the output of the economy, especially after the economic reforms of 1990-91. The growth rate of the economy, measured by the gross value added, at constant prices, accelerated from 4.27 percent twenty years before the economic reforms to 6.34 percent twenty years after the reforms. The growth rate in GVA showed further acceleration to reach 6.58 percent during 2010-11 to 2019-20 at 2011-12 prices. This growth trajectory was accompanied by a steady decline in the share of agriculture and a steady increase in the share of non-agriculture sector in total economy. The change in sectoral shares accelerated over time.

Read the following case study carefully and answer questions based on it.

Employment has remained one of the top challenges of Indian policy makers, and over the years this has only become more complex. One there is considerable improvement in literacy, schooling and attainment of higher education and skills and vocational education in the country. The educated and trained manpower looks not for jobs alone but for decent jobs with better work environments, regular employment and better remuneration. However, job creation for this kind of employment has not kept pace with the increase in the number of job seekers. Two the aspirations of the labour class have been rising with the overall development of the country. Three the growth of industry and service sectors has been very uneven across different regions and states. This has resulted in a mismatch in employment opportunities and the supply of labour at local levels. Fourth there is a strong divergence between structural changes in the composition of output and employment. The industry and services sectors, which constitutes more than 80 percent of the gross value added in the country, provides employment to 54.4 percent of the workforce, and agriculture which accounted for 18.29 percent of GVA in 2019-20, retains 45.6 percent workforce. This divergence in sectoral in sectoral share in income and employment is manifested in the rising gap in per worker income in the agriculture and non-agriculture sectors, lastly, due to job security assured salary and other pay and prestige associated with it, preference towards government jobs has increased tremendously.

India has experienced more or less consistent and steady changes in the structure of the output of the economy, especially after the economic reforms of 1990-91. The growth rate of the economy, measured by the gross value added, at constant prices, accelerated from 4.27 percent twenty years before the economic reforms to 6.34 percent twenty years after the reforms. The growth rate in GVA showed further acceleration to reach 6.58 percent during 2010-11 to 2019-20 at 2011-12 prices. This growth trajectory was accompanied by a steady decline in the share of agriculture and a steady increase in the share of non-agriculture sector in total economy. The change in sectoral shares accelerated over time.

Read the following case study carefully and answer questions based on it.

Employment has remained one of the top challenges of Indian policy makers, and over the years this has only become more complex. One there is considerable improvement in literacy, schooling and attainment of higher education and skills and vocational education in the country. The educated and trained manpower looks not for jobs alone but for decent jobs with better work environments, regular employment and better remuneration. However, job creation for this kind of employment has not kept pace with the increase in the number of job seekers. Two the aspirations of the labour class have been rising with the overall development of the country. Three the growth of industry and service sectors has been very uneven across different regions and states. This has resulted in a mismatch in employment opportunities and the supply of labour at local levels. Fourth there is a strong divergence between structural changes in the composition of output and employment. The industry and services sectors, which constitutes more than 80 percent of the gross value added in the country, provides employment to 54.4 percent of the workforce, and agriculture which accounted for 18.29 percent of GVA in 2019-20, retains 45.6 percent workforce. This divergence in sectoral in sectoral share in income and employment is manifested in the rising gap in per worker income in the agriculture and non-agriculture sectors, lastly, due to job security assured salary and other pay and prestige associated with it, preference towards government jobs has increased tremendously.

India has experienced more or less consistent and steady changes in the structure of the output of the economy, especially after the economic reforms of 1990-91. The growth rate of the economy, measured by the gross value added, at constant prices, accelerated from 4.27 percent twenty years before the economic reforms to 6.34 percent twenty years after the reforms. The growth rate in GVA showed further acceleration to reach 6.58 percent during 2010-11 to 2019-20 at 2011-12 prices. This growth trajectory was accompanied by a steady decline in the share of agriculture and a steady increase in the share of non-agriculture sector in total economy. The change in sectoral shares accelerated over time.

Read the following case study carefully and answer questions based on it.

Employment has remained one of the top challenges of Indian policy makers, and over the years this has only become more complex. One there is considerable improvement in literacy, schooling and attainment of higher education and skills and vocational education in the country. The educated and trained manpower looks not for jobs alone but for decent jobs with better work environments, regular employment and better remuneration. However, job creation for this kind of employment has not kept pace with the increase in the number of job seekers. Two the aspirations of the labour class have been rising with the overall development of the country. Three the growth of industry and service sectors has been very uneven across different regions and states. This has resulted in a mismatch in employment opportunities and the supply of labour at local levels. Fourth there is a strong divergence between structural changes in the composition of output and employment. The industry and services sectors, which constitutes more than 80 percent of the gross value added in the country, provides employment to 54.4 percent of the workforce, and agriculture which accounted for 18.29 percent of GVA in 2019-20, retains 45.6 percent workforce. This divergence in sectoral in sectoral share in income and employment is manifested in the rising gap in per worker income in the agriculture and non-agriculture sectors, lastly, due to job security assured salary and other pay and prestige associated with it, preference towards government jobs has increased tremendously.

India has experienced more or less consistent and steady changes in the structure of the output of the economy, especially after the economic reforms of 1990-91. The growth rate of the economy, measured by the gross value added, at constant prices, accelerated from 4.27 percent twenty years before the economic reforms to 6.34 percent twenty years after the reforms. The growth rate in GVA showed further acceleration to reach 6.58 percent during 2010-11 to 2019-20 at 2011-12 prices. This growth trajectory was accompanied by a steady decline in the share of agriculture and a steady increase in the share of non-agriculture sector in total economy. The change in sectoral shares accelerated over time.

Read the following case study carefully and answer questions based on it.

Employment has remained one of the top challenges of Indian policy makers, and over the years this has only become more complex. One there is considerable improvement in literacy, schooling and attainment of higher education and skills and vocational education in the country. The educated and trained manpower looks not for jobs alone but for decent jobs with better work environments, regular employment and better remuneration. However, job creation for this kind of employment has not kept pace with the increase in the number of job seekers. Two the aspirations of the labour class have been rising with the overall development of the country. Three the growth of industry and service sectors has been very uneven across different regions and states. This has resulted in a mismatch in employment opportunities and the supply of labour at local levels. Fourth there is a strong divergence between structural changes in the composition of output and employment. The industry and services sectors, which constitutes more than 80 percent of the gross value added in the country, provides employment to 54.4 percent of the workforce, and agriculture which accounted for 18.29 percent of GVA in 2019-20, retains 45.6 percent workforce. This divergence in sectoral in sectoral share in income and employment is manifested in the rising gap in per worker income in the agriculture and non-agriculture sectors, lastly, due to job security assured salary and other pay and prestige associated with it, preference towards government jobs has increased tremendously.

India has experienced more or less consistent and steady changes in the structure of the output of the economy, especially after the economic reforms of 1990-91. The growth rate of the economy, measured by the gross value added, at constant prices, accelerated from 4.27 percent twenty years before the economic reforms to 6.34 percent twenty years after the reforms. The growth rate in GVA showed further acceleration to reach 6.58 percent during 2010-11 to 2019-20 at 2011-12 prices. This growth trajectory was accompanied by a steady decline in the share of agriculture and a steady increase in the share of non-agriculture sector in total economy. The change in sectoral shares accelerated over time.