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Humanities/Arts Exam  >  Humanities/Arts Questions  >  Current account surplus indicates that:A. Rec... Start Learning for Free
Current account surplus indicates that:
A. Receipts on current account are equal to the payments on current account.
B. The nation is a borrower from other countries.
C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.
D. Receipts on current account are greater than payments on current account.
E. Receipts on cur rent account are less t han payments on current account.
Choose the correct answer from the options given below:
  • a)
    A and B only
  • b)
    B and C only
  • c)
    C and D only
  • d)
    D and E only
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Current account surplus indicates that:A. Receipts on current account ...
Current account surpluses ref er to positiv e current account balances, meaning that a country has more exports than imports of goods and services
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Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. The introduction of GST has resulted in

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. Identify the direct tax among the following

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. The six standard rates of tax es applied under GST are

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. Cascading effect of tax es results due to

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Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer?
Question Description
Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer?.
Solutions for Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts. Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.
Here you can find the meaning of Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Current account surplus indicates that:A. Receipts on current account are equal to the payments on current account.B. The nation is a borrower from other countries.C. Exports of goods and services are more than imports of goods and services, transfer payments being zero.D. Receipts on current account are greater than payments on current account.E. Receipts on cur rent account are less t han payments on current account.Choose the correct answer from the options given below:a)A and B onlyb)B and C onlyc)C and D onlyd)D and E onlyCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Humanities/Arts tests.
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