'Aayakar' relates to Income Tax. Aayakar Setu is a digital initiative by the income tax department aimed at facilitating taxpayer services.
Aayakar Setu which is seen in the news is:
Asked in GPSC Prelims CSP 2 2019 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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Answer: C. App launched by CBDT that allows entities track TD, pay taxes and apply for permanent account number (PAN)
More Economic Development questions
- Which of the following statements are correct regarding Financial Bill and Appropriation Bill 2019? 1. Government imposed 2 rupees cess on petrol and diesel per litre 2. 2% TDS (Tax Deducted at Source) on cash withdrawal of more than Rs. 1 crore from banks 3. Corporate Tax was brought down from 50% to 35%
- When the ratio of indirect taxes to total taxation revenue is very high it leads to ______. 1. Rise in the price level 2. Higher taxation burden on the rich 3. Higher taxation burden on the poor 4. Fall in tax revenues.
- Rise in the price level Indirect taxes are levied on the production, sale, or consumption of goods and services. These taxes are typically passed on to the consumer in the form of higher prices. Therefore, a high reliance on indirect taxes contributes to inflation. (Correct) 2. Higher taxation burden on the rich Indirect taxes are generally regressive. This means they constitute a larger proportion of the income of poorer households than richer households because poorer households spend a larger proportion of their income on goods and services subjected to these taxes. Direct taxes (like income tax) are typically progressive (higher burden on the rich). Thus, a high share of indirect taxes means a relatively lower burden on the rich compared to a system relying more on progressive direct taxes. (Incorrect) 3. Higher taxation burden on the poor As explained above, indirect taxes are regressive, placing a disproportionately higher burden on lower-income groups relative to their income. (Correct) 4. Fall in tax revenues A high ratio of indirect taxes does not automatically lead to a fall in total tax revenues. The total revenue depends on the overall tax base, rates, and compliance. It primarily affects the distribution of the tax burden and the composition of tax revenue. (Incorrect) 347. Which of the following pairs is INCORRECTLY matched?
- Which of the following statements are correct regarding Goods and Services Tax in India? 1. Businesses and individuals supplying goods can claim GST exemption if their aggregate turnover is less than INR 40 lakhs in a financial year. 2. For hilly and northeastern states, the new GST exemption limit for goods suppliers is Rs. 20 lakhs. 3. The GST exemption for businesses engaged in supply of services has remained at Rs. 10 lakhs for hilly and northeastern states
- Which of the following statements is wrong about Goods and Services Tax?
- All the indirect taxes in India have been subsumed under GST except __________.
- Which of the following statement(s) is/are correct regarding taxes?
- Which of the following statement(s) is/are incorrect regarding taxes subsumed under GST?