Sectional Test for Bank Exams (Set - 26)
ENGLISH
Directions (1 – 10): Read the following passage
carefully and answer the questions. Certain words/phrases have been given in
bold to help you locate them while answering some of the questions.
The Rajya Sabha is set to
take a vital step to create a pan-Indian market for goods and services. It will
clear the Bill to amend the Constitution that empowers states to tax services
and the Centre to tax goods up to the retail stage. This will also enable the
setting up of the Goods and Services Tax (GST) Council with a wide mandate. The
government should be commended for reaching out to the Opposition and forging a
consensus on GST in the Upper House where it lacks the numbers. The task has
been arduous. But it has shown flexibility on contentious issues. The new tax
system can be rolled out in April next year if the Centre and the states firm
up the tax rates and transact the legal changes needed to make the shift.
First, the Constitution Amendment Bill has to be ratified by at least half the
states.
As India will have a dual GST — central GST and state GST — Parliament and state legislatures have to enact the law on GST too. The empowered committee (EC) will work out the new tax design. The goal should be to have a flawless GST that makes production efficient, lowers retail prices and makes our exports competitive. A combined rate of about 18% makes sense as it would be less than half the current incidence of cascading indirect taxes on goods. Exemptions should be minimal. Convergence to a lower rate has been the rule in indirect taxes broadly since 1998. Unfortunately, there have been instances of the government breaking the rule by bestowing concessional duties or exemptions to certain sectors. The spirit of simplification, the guiding path of indirect tax reform, must be retained. Only then can ‘Make in India by making one India’ become a reality. GST has been widely debated, but the common man does not know that India is close to signing a free-trade agreement with itself. Many industrialists are in the dark about the nature of the new tax and its benefits. This should change. The government must launch a campaign to educate people, and also the industry that would have to deal with two separate agencies for tax collection.
As India will have a dual GST — central GST and state GST — Parliament and state legislatures have to enact the law on GST too. The empowered committee (EC) will work out the new tax design. The goal should be to have a flawless GST that makes production efficient, lowers retail prices and makes our exports competitive. A combined rate of about 18% makes sense as it would be less than half the current incidence of cascading indirect taxes on goods. Exemptions should be minimal. Convergence to a lower rate has been the rule in indirect taxes broadly since 1998. Unfortunately, there have been instances of the government breaking the rule by bestowing concessional duties or exemptions to certain sectors. The spirit of simplification, the guiding path of indirect tax reform, must be retained. Only then can ‘Make in India by making one India’ become a reality. GST has been widely debated, but the common man does not know that India is close to signing a free-trade agreement with itself. Many industrialists are in the dark about the nature of the new tax and its benefits. This should change. The government must launch a campaign to educate people, and also the industry that would have to deal with two separate agencies for tax collection.
Former EC chairman engaged
with India Inc ahead of the value added tax (VAT). The panel came out with a
lucid primer on GST, a brainchild of the UPA. His successor continued with the
good work. Malaysia, for example, faced glitches when it rolled out GST on
April 1, 2015, which is well documented. There were reportedly complaints about
retailers mischarging customers, errors in tax invoices, confusion over the tax
treatment of some goods and services, leading to anti-GST street protests.
Inconsistencies were deliberated among friends, colleagues and on social media.
In many cases, these were directly reported to the respective authorities that
found itself facing public complaints. India’s tax administration simply can’t
cope if it’s besieged with consumer complaints. Confusion over
tax treatment of goods and services cannot be ruled out, if there is haggling
over items to be exempted or to retain inefficient taxes. So,
public attention to detail will matter when GST is enforced. A ‘Chai Pe
Charcha’ is a good way to demystifyGST. The success of GST would
also hinge on the robustness of the IT infrastructure. The good news is the GST
Network (GSTN), a special purpose vehicle set up to provide the IT
infrastructure systems and services to the administration and the taxpayers, is
ready with key functions such as registration, returns and payment. The EC must
quickly approve the GST design to enable the service provider to implement the
system. The central and the state tax administration must be familiarised with
the IT infrastructure. They should be up-to-date with the GST Act — which will
replace the Central Excise Act, Service Tax Law and State VAT Act — that will
spell out the tax rates, thresholds, the way to register, file returns and make
payments. All this requires intensive training.
A model GST law is
already in the public domain. However, it is riddled with flaws that will jack
up compliance costs. The EC should fix the flaws and finalise the law, holding
extensive consultations with industry. Malaysia’s experience showed larger and
better organised businesses managed a smooth transition to GST. Smaller and
less organised businesses, besides lacking the financial resources to access
professional help, faced particular problems of their own. Some small business
owners transferred operations to newly incorporated entities ahead of the
deadline for GST registration. Most of this, experts said, was done in fear
that patchy bookkeeping, common with businesses operating on a
cash basis, could turn up problems during GST registration or random audits.
Many traders in India are known tododge taxes. Pressure from them
had forced former finance minister to defer VAT in 2003. His successor
introduced the new levy in 2005. It worked well and boosted revenues for
states. An integrated countrywide market for goods and services is a reform
overdue now to raise India’s tax collections far above the measly 16% of GDP.
1. How can ‘Make in India’ become a reality ?
A) Make in India can become a reality
by the indirect tax reforms.
B) It can become a reality by
preparing for implementation of indirect tax reforms.
C) It can become a reality by
retaining the spirit of facilitation and the guiding path of indirect tax
amelioration.
D) It can become a reality by
introducing place of destination-based tax from the current origin-based tax.
E) It can become a reality by raising
concerns over the possible dilution of the fiscal powers and potential
encroachment of tax base by the Central Government.
2. According to the passage would a consumer have
to pay a higher GST ?
A. Nothing can be said with certainty.
B. Yes, the consumer have to pay a higher GST.
C. No, a consumer would not have to pay a higher GST.
A) Only A
B) Only B
C) Only C
D) Only A and B
E) Only B and C
3. Which of the following statements is TRUE in
the context of the passage ?
A. India is signing a free-trade agreement with itself.
B. Many traders in India are known to dodge taxes.
C. The central and the state tax administration are interloper
and venerable with the IT infrastructure.
A) Only A and B
B) Only B
C) Only C
D) Only B and C
E) All A, B and C
4. How should the law be finalised by the
Empowered Committee ?
A) By holding vast counsel with
industry.
B) None of these
C) By informing the right appeal.
D) By cascading indirect taxes on
goods.
E) By administering the tax payers in
industry.
5. Which of the following statements is/are NOT
TRUE in the context of the passage ?
(A) The Pan–Indian market for goods and services will not allow the Bill to
amend the Constitution a empowers that states to tax services and Centre to tax
goods upto retail stage.
(B) The government should be commended for reaching out to the
Opposition and forging a consensus on GST.
(C) The public attention to detail will matter when GST is executed.
A) Only A
B) Only B
C) Only B
D) Only B and C
E) All A, B and C
Directions (6 – 8): Choose the word which is MOST SIMILAR in meaning to the word/group of words printed in bold as used
in the passage.
6. Exempted
A) Prevented B) Hindered C)
Enforced D) Restricted E) Absolved
7. Besieged
A) Fastened B) Deflected C)
Encompassed D) Clenched E) Repelled
8. Patchy
A) Irregular B) Thorough C)
Absolute D) Integral E) Consistent
Directions (9 – 10): Choose the word which is MOST OPPOSITE in meaning of the word printed in bold as used in the passage.
9. Demystify
A) Demonstrate B) Prove C)
Simplify D) Expound E) Interpret
10. Dodge
A) Artifice B) Ditch C)
Gimmick D) Knack E) Comply
Answers:
1. C) 2. C) 3. A)
4. B) 5. A) 6. E)
7. C) 8. A) 9. B)
10. E)
QUANTITATIVE
APTITUDE
Directions
(Q. 1-10): In each of these questions, two equations (I) and (II) are given.
You have to solve both the equations and give answer
a) If x > y
b) If x ≥
y
c) If x < y
d) If x ≤
y
e) If x = y or if there is no
relation between ‘x’ and ‘y’.
REASONING
Directions (1 – 5): Answer the following questions
on the basis of information given below.
“Union Is Strength” is written as “R9 Htrengt1
Fnio3”
“Time And Tide Wait For None” is written as “Uo6 Dai4 Gim2
Zn8 Mon4 Gid2 ”
“Look Before You Leap” is written as “Oea3 Bo7
Ooo3 Yefor7”
“Patience Pays” is written as “Katienc7 Kay2”
“Greediness Is Curse” is written as “
Xurs3 R9
Treedines7”
1. As per the given code language what should be
the code for “Knowledge Is Power”?
(A)Lanvscfde9 roner5 is3
(B) R7 Qowe9 Lnowledg4
(C)Rs9 Kower7 Pnowledg2
(D)Kowe7 R9 Pnowledg2
(E)Either C or D
2.What should be the code for “Is Being Gentle
Difficult In Todays Society”?
(A)R9 Rn9 Hociet2 Yein7 Goday2 Tentl7
Wifficul5
(B)Goday7 Tentl7
Wiffivcul4 Yein2 R9 Hociet2 R9
(C)R9 Goday7 Tentl7 R9 Yein7
Hociet1 Wifficul5
(D)either A or C
(E)none of these
3. What does “Zn8” stand for?
(A)You
(B)Pay
(C)For
(D)And
(E) none of these
4. What should be the code for “India Is A
Democratic Country”?
(A)Xountr3 1
Rndi9 Wemocrati5 Rs9
(B)R9
Xountr4 Rndi9 1
Wemocrate5
(C)1
Wermocati5 Xountr3 Rndi9
R9
(D)Xountr3 R9
Wemocrati5 Rndi9 1
(E)none of these
5.What should be the code for “Work And Study”?
(A)Htud1 Zn8 Dur5
(B)Dur5 Htid1 Z8
(C)Dur5 Zn8
Htud1
(D)Zn8 Htud1
Dor5
(E)either C or D
Directions (6 – 10): Each of these questions
contains six statements followed by four sets of combinations of three. Choose
the set in which the statements are most logically related.
6. A. Some of my closest friends disapprove of me.
B. Some of my closest friends are aardvarks.
C. All of my closest friends disapprove of me.
D. All who disapprove of me are aardvarks.
E. Some who disapprove of me are aardvarks.
F. Some of my closest friends are no aardvarks.
(a) BCD
(b) ABD
(c) BCE
(d) ABE
(e) None of these
7. A. All those who achieve great ends are happy.
B. All young people are happy.
C. All young people achieve great ends.
D. No young people achieve great ends.
E. No young people are happy,
F. Some young people are happy.
(a) ADE
(b) ABF
(c) ACB
(d) ADF
(e) None of these
8. A. All candid men are persons who acknowledge merit in a rival.
B. Some learned men are very candid.
C. Some learned men are not persons who acknowledge merit in a
rival.
D. Some learned men are persons who are very candid.
E. Some learned men are not candid.
F. Some persons who recognize merit in a rival are learned.
(a) ABE
(b) ACF
(c) ADE
(d) BAF
(e) None of these
9. A. All roses are fragrant.
B. All roses are majestic.
C. All roses are plants.
D. All roses need air.
E. All plants need air.
F. All plants need water.
(a) CED
(b) ACB
(c) BDC
(d) CFE
(e) None of these
10. A. All men are men of scientific ability.
B. Some women are women of scientific ability.
C. Some men are men of artistic genius.
D. Some men and women are of scientific ability.
E. All men of artistic genius are men of scientific ability.
F. Some women of artistic genius are women of scientific
ability.
(a) ACD
(b) ACE
(c) DEF
(d) ABC
(e) None of these
Answers with Explanations:
(1 – 5): Explanation- The coding is done in such a
way that the first alphabet in the word is replaced by its reversal followed by
the rest of the alphabets in the word excluding the last alphabet. The numeral
at the end of the code is the numeric value of first alphabet in the word and
its reversal but in an alternating manner starting with the numeric value of
the first alphabet in one word alternating with the numeric value of the
reversal in the next word.
Eg:- Union is strength is coded as R9
Htrengt1 Fnio3 .
Here Union is coded as Fnio3, Is as R9 and
Strength as Htrengt1. As per the logic, the first
alphabet in the code is the reversal of the first alphabet in the word followed
by the rest of the alphabets excluding the last one. The numeral in the code
for Union is 3, in Is as 9 and
in Strength as 1. As per the logic the numeral
is the numeric value of the first alphabet in the word and the reversal but in
an alternating fashion. As in Union the numeric value is for the alphabet U and
in the very next word Is it is for the reversal of I i.e; R and then in
Strength it is again for S.
1. D) 2. C) 3. D)
4. D) 5. D)
