Directions (1-15): In the passage given below there are 15 blanks, each followed by a word given in bold. Each blank has four alternative words given in options (a), (b), (c) and (d). You have to tell which word will best suit the respective blank. Mark (e) as your answer if the word given in bold after the blank is your answer.
The Goods and Services Tax (GST) is being 1. ___(framed) as the single-biggest economic reform since the economic liberalisation of 1991. Even critics of the tax, who complain about its complex four-slab rate structure, agree that it is a step in the right direction. The primary reason is that it 2. ___(does away) with the present system of multiple Central and State taxes, replacing it with a much simpler tax system. Another supposed benefit of GST is that it is a tax on consumption, which replaces the current web of 3. ___(running) taxes in the production chain that 4. ___(lowers) prices and distorts production. In the process, it is said, the new tax system does away with the barriers to free trade 5. ___(into) and between States, effectively turning India into a single free market for goods and services.
For 6. ___(psychoanalysts), there is good reason to doubt all these claimed benefits of the GST. One, a nationwide tax such as the GST will 7. ___(form) to a higher tax burden as it reduces tax competition. Earlier, States which were keen to 8. ___(put in) investment and labour from each other had a reason to cut taxes. Now, the Centre, which will 9. ___(increase) no tax competition except from the rest of the world, can 10. ___(terminate) rates at whim. This will encourage tax rate increases that are detrimental to growth. Two, the number of taxes does not necessarily reflect the actual burden 11. ___(proposed) on businesses by any tax system. For example, a single, high tax rate might impose a greater burden on businesses than multiple taxes that 12. ___(sum up) to a lower rate. A single, low tax rate might also turn out to be more burdensome if the cost of bureaucratic compliance is higher than under multiple, higher tax rates. So what matters eventually is the overall burden under a tax regime, which is likely to be lower when States compete than otherwise.
No change in prices:
Three, contrary to common belief, the prices that consumers pay don’t rise or fall in 13. ___(tandem) with taxes imposed on goods, be they production or consumption taxes. Consumer prices are determined purely by consumer 14. ___(forum), not the cost of production. It is true that a discriminatory tax might force businesses to 15. ___(rise) or reduce the supply of certain goods in favour of others.
(a) turned
(b) flaunted
(c) biggest
(d) oldest
(e) no change
(a) do over
(b) does over
(c) done over
(d) done up
(e) no change
(a) giving
(b) devastating
(c) cascading
(e) no change
(a) controls
(b) remarket
(c) decreases
(d) increases
(e) no change
(c) within
(e) no change
(a) sceptics
(b) astrologists
(c) people
(d) predicament
(e) no change
(a) promote
(b) diminish
(c) administer
(e) no change
(a) attract
(b) commit
(c) advice
(e) no change
(a) arrange
(b) conflict
(d) advocate
(e) no change
(a) determine
(b) admire
(c) desire
(d) cultivate
(e) no change
(a) imposed
(d) taken on
(e) no change
(a) add up
(b) grow up
(c) give up
(e) no change
(a) conflicting
(b) relevant
(c) clinging
(d) lament
(e) no change
(a) demand
(d) comment
(e) no change
(a) increase
(c) discontinue
(d) create
(e) no change
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