Today's Questions - 02 December 2021
1. With regard to the Goods and Services Tax (GST), consider the following statements:
1. GST is based on the principle of destination-based consumption taxation.
2. GST Council to be formed by the Prime Minister to administer & govern GST.
3. The GST Council chairman is the Union Finance Minister.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.
● Article 279A - GST Council to be formed by the President to administer & govern GST. It's Chairman is Union Finance Minister of India with ministers nominated by the state governments as its members.
● The council is devised in such a way that the centre will have 1/3rd voting power and the states have 2/3rd.
● The decisions are taken by 3/4th majority.
2. Consider the following statements regarding the Gujarat International Finance Tec City (GIFT City):
1. GIFT City is India’s first and only International Financial Services Centre (IFSC) where banks, stock exchanges and financial services firms have set up their global operations.
2. GIFT city is emerging as the country’s first greenfield integrated city.
Which of the statement(s) given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Statement 1 is correct: Around seven km from Gujarat’s capital Gandhinagar, on the banks of the Sabarmati river in approximately 886 acres, once a barren land along the river is now emerging as the country’s first greenfield integrated city — a dream project Prime Minister Narendra Modi had envisaged as Chief Minister.
Statement 2 is correct: Now operational with more than 200 entities which have set up their offices where more than 12,000 people are working, the Gujarat International Finance Tec City (GIFT City) is India’s first and only International Financial Services Centre (IFSC) where banks, stock exchanges and financial services firms have set up their global operations.
3. A Public Interest Litigation (PIL) can be filed in which court in India?
(a) Supreme Court
(b) High Court
(c) District Court
(d) Both (a) and (b)
Explanation: Option (d) is correct
A Public Interest Litigation (PIL) can be filed in any High Court or directly in the Supreme Court. It is not necessary that the petitioner has suffered some injury of his own or has had personal grievance to litigate.
4. A butterfly survey at the Peechi-Vazhani wildlife division has been conducted, which found the largest and the smallest butterfly of India. Name them?
(a) Southern Birdwing and Buddha Peacock
(b) Southern Birdwing and Grass Jewel
(c) Grass Jewel and Papilio polymnestor
(d) Southern Birdwing and Papilio polymnestor
Explanation: Option (b) is correct
A butterfly survey at the Peechi-Vazhani wildlife division has recorded a remarkable increase in the species’ numbers. Southern Birdwing, the largest butterfly in India, and Grass Jewel, the smallest, were found during the survey. Buddha Peacock, the State butterfly of Kerala, was also recorded.
5. ‘G 20 Troika’ recently in the news, refers to:
(a) Troika refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies.
(b) Troika refers to the group of countries which will join the G20 in the future.
(c) Troika refers to the group of countries that has left the G20.
(d) None of the above
Explanation: Option (a) is correct
India on Wednesday, December 1, 2021, joined the G20 ‘Troika’.
With this move, India has started the procedure for taking over the G20 presidency next year. Troika refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.