Podcast
Questions and Answers
What is the projected share of agriculture in India's GDP by 2047?
What is the projected share of agriculture in India's GDP by 2047?
- 5%-6%
- 15%-20%
- 10%-12%
- 7%-8% (correct)
Which initiative aims to provide better price realization for farmers?
Which initiative aims to provide better price realization for farmers?
- eNAM (correct)
- PM Kisan Samman Nidhi
- Soil Health Card Scheme
- Pradhan Mantri Fasal Bima Yojana
What is a prominent feature of the Goods and Services Tax (GST) in India?
What is a prominent feature of the Goods and Services Tax (GST) in India?
- Different rates for similar items (correct)
- A single tax slab for all services
- Complete exemption for essential goods
- A flat tax rate of 18% for all goods
How does the GST rate on cement compare to that of essential items like milk?
How does the GST rate on cement compare to that of essential items like milk?
What is one consequence of the inconsistencies in GST application?
What is one consequence of the inconsistencies in GST application?
Which of the following best describes the purpose of the Pradhan Mantri Fasal Bima Yojana?
Which of the following best describes the purpose of the Pradhan Mantri Fasal Bima Yojana?
What issue arises from taxing medical and life insurance premiums at 18% under GST?
What issue arises from taxing medical and life insurance premiums at 18% under GST?
In the context of agricultural employment, what is projected for the workforce by 2047?
In the context of agricultural employment, what is projected for the workforce by 2047?
What is the primary aim of debt financing in relation to agricultural infrastructure?
What is the primary aim of debt financing in relation to agricultural infrastructure?
Which scheme offers interest subvention for loans up to Rs. 2 crore?
Which scheme offers interest subvention for loans up to Rs. 2 crore?
Who are the key beneficiaries of the National Infrastructure Fund?
Who are the key beneficiaries of the National Infrastructure Fund?
What does the extended credit guarantee cover for?
What does the extended credit guarantee cover for?
How many projects can each beneficiary support under the infrastructure fund?
How many projects can each beneficiary support under the infrastructure fund?
What is the purpose of the online MIS platform in managing the fund?
What is the purpose of the online MIS platform in managing the fund?
Which of the following statements is TRUE regarding the National Investment and Infrastructure Fund?
Which of the following statements is TRUE regarding the National Investment and Infrastructure Fund?
What is the primary principle of destination-based tax in the context of Goods and Services Tax (GST)?
What is the primary principle of destination-based tax in the context of Goods and Services Tax (GST)?
Which organization is responsible for the management of the Infrastructure Fund?
Which organization is responsible for the management of the Infrastructure Fund?
What is the primary aim of the BioE3 Policy?
What is the primary aim of the BioE3 Policy?
Which of the following sectors is likely to be exempted or have reduced tax rates under the GST system?
Which of the following sectors is likely to be exempted or have reduced tax rates under the GST system?
Which of the following societal issues is the BioE3 Policy intended to address?
Which of the following societal issues is the BioE3 Policy intended to address?
How does the input tax credit mechanism function under the GST system?
How does the input tax credit mechanism function under the GST system?
What percentage of GDP does India currently spend on research and development, according to the BioE3 context?
What percentage of GDP does India currently spend on research and development, according to the BioE3 context?
What is a potential challenge for state governments regarding GST implementation?
What is a potential challenge for state governments regarding GST implementation?
Which businesses are currently exempt from GST based on turnover?
Which businesses are currently exempt from GST based on turnover?
Which demographic represents a significant workforce potential for India's biotechnology sector?
Which demographic represents a significant workforce potential for India's biotechnology sector?
What type of infrastructure has the Indian government established to support the biotechnology sector?
What type of infrastructure has the Indian government established to support the biotechnology sector?
What approach can be taken to test the impact of GST simplification before a nationwide rollout?
What approach can be taken to test the impact of GST simplification before a nationwide rollout?
What mechanism can be developed to protect states from potential revenue losses during the GST transition?
What mechanism can be developed to protect states from potential revenue losses during the GST transition?
What challenge does the BioE3 Policy face regarding educational systems?
What challenge does the BioE3 Policy face regarding educational systems?
Which of the following is NOT a feature of the Indian GST system?
Which of the following is NOT a feature of the Indian GST system?
Which of the following countries invests more than India in biotechnology R&D?
Which of the following countries invests more than India in biotechnology R&D?
What strategic initiative does the BioE3 Policy promote?
What strategic initiative does the BioE3 Policy promote?
How many PVTGs are officially notified in the country?
How many PVTGs are officially notified in the country?
Which tribes are mentioned as being included in the list of PVTGs?
Which tribes are mentioned as being included in the list of PVTGs?
What was the increase in government contribution under the Unified Pension Scheme?
What was the increase in government contribution under the Unified Pension Scheme?
What is the employee contribution percentage under the Unified Pension Scheme?
What is the employee contribution percentage under the Unified Pension Scheme?
How frequently is the lump sum payment due at superannuation under the Unified Pension Scheme?
How frequently is the lump sum payment due at superannuation under the Unified Pension Scheme?
What is the basis for the lump sum payment at superannuation under the Unified Pension Scheme?
What is the basis for the lump sum payment at superannuation under the Unified Pension Scheme?
What is the primary focus of the Unified Pension Scheme?
What is the primary focus of the Unified Pension Scheme?
How does the contribution percentage for government employees under the Unified Pension Scheme compare to the previous National Pension System?
How does the contribution percentage for government employees under the Unified Pension Scheme compare to the previous National Pension System?
Study Notes
Goods and Services Tax (GST) Insights
- GST revenue is allocated to the state where goods or services are consumed, promoting fairness in taxation.
- Businesses can claim input tax credit under GST, eliminating tax on the previously added value and preventing cascading effects.
- Certain essential sectors like healthcare and food have either exemptions or reduced GST rates to ensure affordability.
Current Challenges in the GST System
- Inconsistencies exist in GST rates; for example, cement is taxed at 28%, while essential food items are exempt, leading to compliance complexities.
- Some states resist altering current GST slab rates (0%, 5%, 12%, 18%, 28%), prioritizing short-term revenue stability in light of upcoming elections.
Future Proposals for GST Reform
- Recommendations include phased implementation of pilot programs to test GST simplification effects in select regions before nationwide adoption.
- Proposed revenue protection schemes would safeguard state revenues during GST transition, potentially involving compensation funds.
Indian Agricultural Projections and Challenges
- By 2047, agriculture's GDP share may reduce to 7%-8%, though it will still engage over 30% of the nation's workforce, necessitating structural reforms.
- Government initiatives aim to enhance agricultural infrastructure and promote credit guarantee schemes for Farmer Producer Organizations (FPOs).
BioE3 Policy for Advancing Biotechnology
- The BioE3 Policy, endorsed by the Union Cabinet, focuses on biomanufacturing to tackle issues like climate change and health.
- India has a high potential workforce with 47% under 25, yet invests less than 1% of GDP in R&D compared to over 4% by countries like Israel.
Infrastructure Development in Biotechnology
- Government efforts include establishing biotech parks and incubators to support sector growth, addressing health, agriculture, and energy challenges.
- Current educational systems fall short in equipping students with industry-relevant skills, resulting in a skills mismatch.
Unified Pension Scheme Overview
- The Unified Pension Scheme increases the government contribution to 18.5% of basic pay and dearness allowance, while employee contribution remains at 10%.
- Benefits include a lump-sum payment every six months upon retirement, alongside gratuity, ensuring financial security for retirees.
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Description
Test your knowledge on the destination-based tax system introduced by GST and the political factors influencing its implementation. This quiz covers key concepts related to revenue collection and the challenges faced due to the political landscape. Understand the implications of GST and its impact on state finances.
