Reading Comprehension
Reading Comprehension: English Reading Comprehension Exercises with Answers, Sample Passages for Reading Comprehension Test for GRE, CAT, IELTS preparation
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English Reading Comprehension Test Questions and Answers. Improve your ability to read and comprehend English Passages
Q276. > For a business, still in a burgeoning state of development the
> performance of the gem and jewelry sector in exports is gratifying. On
> top of an over 50 percent growth during 2004-05, these exports are
> poised to grow at a similar rate during the current year, if the trend
> in the first half of the year is an indication. Data released by the
> Gems and Jewelry Export Promotion Council show that Gems exports at
> Rs. 2,363 crores during April-September 2005 were 51 percent higher
> than during the corresponding period of 2004. Since there is a greater
> acceleration in the tempo of exports in the second half of the year,
> it appears that the target of gems and jewelry exports, pegged at Rs.
> 5,000 crores are well within reach. Even more heartening is the fact
> that the export flow has been broad based, though the pace has been
> set by better showing in both jewelry and gem exports. This successful
> incursion is the outcome of a conscious strategy to build export
> infrastructure which includes the setting up of Gems and Jewelry
> Export Zones, technology missions and a liberal policy under which
> virtually the entire industry is thrown open to foreign direct
> investment. Some incentives like access to domestic market for these
> export-oriented units, based on the net value addition, also have
> helped the export drive. Besides, the industry had made helped the
> export drive. Besides, the industry had made efforts to capture new
> markets, laid stress on quality of the product and became alive to
> customer needs. However, in the case of jewelry exports, the actual
> performance is behind the potential. With its endowment in terms of
> jewelry designers, low costs and high productivity, India can emerge
> as a major force in global jewelry exports by emphasizing on
> customizing jewelry rather than relying on standard products. At the
> same time, gems exports should not suffer by default. The recent data
> given lie to the claim that we have a leeway in jewelry designing.
> Over a period, this success on global marketing of our gems should
> facilitate system integration, and to exports of value-added gems with
> jewelry. As of now, what is significant is that we have carved a small
> niche in the global market in an industry that is the cutting edge of
> designing.
How much export was realized in the first half of the year 2005-2006?
- Less than half the targeted amount.
- More than half the targeted amount.
- Almost half of the amount projected for the purpose.
- The exact amount is not mentioned.
- None of these
Solution : Almost half of the amount projected for the purpose.
Q277. > For a business, still in a burgeoning state of development the
> performance of the gem and jewelry sector in exports is gratifying. On
> top of an over 50 percent growth during 2004-05, these exports are
> poised to grow at a similar rate during the current year, if the trend
> in the first half of the year is an indication. Data released by the
> Gems and Jewelry Export Promotion Council show that Gems exports at
> Rs. 2,363 crores during April-September 2005 were 51 percent higher
> than during the corresponding period of 2004. Since there is a greater
> acceleration in the tempo of exports in the second half of the year,
> it appears that the target of gems and jewelry exports, pegged at Rs.
> 5,000 crores are well within reach. Even more heartening is the fact
> that the export flow has been broad based, though the pace has been
> set by better showing in both jewelry and gem exports. This successful
> incursion is the outcome of a conscious strategy to build export
> infrastructure which includes the setting up of Gems and Jewelry
> Export Zones, technology missions and a liberal policy under which
> virtually the entire industry is thrown open to foreign direct
> investment. Some incentives like access to domestic market for these
> export-oriented units, based on the net value addition, also have
> helped the export drive. Besides, the industry had made helped the
> export drive. Besides, the industry had made efforts to capture new
> markets, laid stress on quality of the product and became alive to
> customer needs. However, in the case of jewelry exports, the actual
> performance is behind the potential. With its endowment in terms of
> jewelry designers, low costs and high productivity, India can emerge
> as a major force in global jewelry exports by emphasizing on
> customizing jewelry rather than relying on standard products. At the
> same time, gems exports should not suffer by default. The recent data
> given lie to the claim that we have a leeway in jewelry designing.
> Over a period, this success on global marketing of our gems should
> facilitate system integration, and to exports of value-added gems with
> jewelry. As of now, what is significant is that we have carved a small
> niche in the global market in an industry that is the cutting edge of
> designing.
Which of the following statements is not true according to the passage?
- India’s performance in exports of jewelry is better than that of gems.
- India’s performance in exports of gems is better than that of jewelry.
- India’s performance in value added exports has grown in the recent past.
- India has made considerable effort in exporting value added products in the international market.
- Performance in global marketing has helped in developing an edge in designing.
Solution : India’s performance in exports of jewelry is better than that of gems.
Q278. > For a business, still in a burgeoning state of development the
> performance of the gem and jewelry sector in exports is gratifying. On
> top of an over 50 percent growth during 2004-05, these exports are
> poised to grow at a similar rate during the current year, if the trend
> in the first half of the year is an indication. Data released by the
> Gems and Jewelry Export Promotion Council show that Gems exports at
> Rs. 2,363 crores during April-September 2005 were 51 percent higher
> than during the corresponding period of 2004. Since there is a greater
> acceleration in the tempo of exports in the second half of the year,
> it appears that the target of gems and jewelry exports, pegged at Rs.
> 5,000 crores are well within reach. Even more heartening is the fact
> that the export flow has been broad based, though the pace has been
> set by better showing in both jewelry and gem exports. This successful
> incursion is the outcome of a conscious strategy to build export
> infrastructure which includes the setting up of Gems and Jewelry
> Export Zones, technology missions and a liberal policy under which
> virtually the entire industry is thrown open to foreign direct
> investment. Some incentives like access to domestic market for these
> export-oriented units, based on the net value addition, also have
> helped the export drive. Besides, the industry had made helped the
> export drive. Besides, the industry had made efforts to capture new
> markets, laid stress on quality of the product and became alive to
> customer needs. However, in the case of jewelry exports, the actual
> performance is behind the potential. With its endowment in terms of
> jewelry designers, low costs and high productivity, India can emerge
> as a major force in global jewelry exports by emphasizing on
> customizing jewelry rather than relying on standard products. At the
> same time, gems exports should not suffer by default. The recent data
> given lie to the claim that we have a leeway in jewelry designing.
> Over a period, this success on global marketing of our gems should
> facilitate system integration, and to exports of value-added gems with
> jewelry. As of now, what is significant is that we have carved a small
> niche in the global market in an industry that is the cutting edge of
> designing.
What according to the passage, is the basis for the expectation of the exports in Gem and jewelry sector reaching the targeted amount?
- Growth in exports in the earlier year.
- Domestic demand in the sector.
- India’s performance in jewelry designing.
- Trend observed during the first half of the year.
- None of these
Solution : Trend observed during the first half of the year.
Q279. > The genesis of service tax emanates from the ongoing structural
> transformation of the Indian economy, whereby presently more than
> one-half of GDP originates from the services sector. Despite the
> growing presence of the services sector in the Indian economy, it
> remained out of the tax net prior to 1994-95, leading to a steady
> deterioration in tax-GDP ratio. The service tax was introduced in
> 1994-95 on a select category of services at a low rate of five
> percent. While the service tax rate and the coverage of services being
> taxed have increased ever since, the combined tax-GDP ratio of the
> Centre and States, nevertheless, deteriorated from 16.4 percent in
> 1985-86 to 14.1 percent in 1999-2000. It may be noted that between
> 1990-91 and 1998-99, the share of industrial sector in GDP dropped by
> 6.4 percentage points whereas almost 64 percent of the tax revenue was generated by indirect taxes for which industrial sector continues to
> be the principal tax base. On the other hand, during the same period,
> the share of services sector in GDP has increased by 10 percentage
> points and this sector has still remained poorly taxed. The rationale
> for service tax, therefore, lies not only in arresting the falling
> tax-GDP ratio but also in ipso facto improving allocative efficiency
> in the economy as well as promoting equity. Against this backdrop, the
> service tax needs to be designed taking into account the fact that (i)
> the share of services in GDP is expanding; (ii) failure to tax
> services distorts consumer choices and encourages spending on services
> at the expense of goods; (iii) untaxed service traders are unable to
> claim value added tax (VAT) on service inputs, which encourages
> businesses to develop in-house services, creating further distortion
> and (iv) most services that are likely to become taxable are
> positively correlated with expenditure of high-income households and,
> therefore, service tax improves equity. In the Indian context,
> taxation of services assumes importance in the wake of the need for
> improving the revenue system, ensuring a measure of neutrality in
> taxation between goods and services and eventually helping to evolve
> an efficient system of domestic trade taxes, both at the Central and
> the State levels. The coverage of services under tax net has been
> progressively widened over the years. With effect of the Finance Act,
> 2004. 71 services are presently contributing to the service tax collections. The service tax is applicable to all parts of India
> except the State of Jammu and Kashmir and is leviable on the gross
> amount charged by the service provider from the client. The rate of
> service tax was increased from 5 percent since September 10, 2004.
> With the increase in tax rate and base of service tax, the collections
> from the service tax have shown a steady rise from Rs. 410 crore in
> 1994-95 to Rs. 8,300 crore in 2003-04; however, they accounted for
> only 4.4 percent of the total tax receipts of the Centre (0.3 percent
> of GDP) in 2003-04. Service tax is envisaged as the tax of the future.
> The inclusion of all value added services in the tax net would yield a
> larger amount of revenue and make the existing tax structure more
> elastic. Once the service sector is adequately covered under tax net,
> the buoyant services sector will enable the reversal of declining
> trend in tax buoyancy. Besides raising the revenue buoyancy,
> appropriate taxation of services sector would also provide equity,
> efficiency and consistency in the tax administration as well as
> neutrality for various economic activities. Integration of services
> sector to the tax net would be the prelude to the introduction of a
> full-fledged VAT system.
What according to the passage, was the impact of exclusion of service tax till the first half of the last decade of the past century?
- There was no impact as there was no service tax.
- There was a steady deterioration in the GDP.
- Tax-GDP ratio has steadily and gradually aggravated.
- Service sector used to flourish exorbitantly.
- None of these
Solution : There was a steady deterioration in the GDP.
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Q280. > The genesis of service tax emanates from the ongoing structural
> transformation of the Indian economy, whereby presently more than
> one-half of GDP originates from the services sector. Despite the
> growing presence of the services sector in the Indian economy, it
> remained out of the tax net prior to 1994-95, leading to a steady
> deterioration in tax-GDP ratio. The service tax was introduced in
> 1994-95 on a select category of services at a low rate of five
> percent. While the service tax rate and the coverage of services being
> taxed have increased ever since, the combined tax-GDP ratio of the
> Centre and States, nevertheless, deteriorated from 16.4 percent in
> 1985-86 to 14.1 percent in 1999-2000. It may be noted that between
> 1990-91 and 1998-99, the share of industrial sector in GDP dropped by
> 6.4 percentage points whereas almost 64 percent of the tax revenue was generated by indirect taxes for which industrial sector continues to
> be the principal tax base. On the other hand, during the same period,
> the share of services sector in GDP has increased by 10 percentage
> points and this sector has still remained poorly taxed. The rationale
> for service tax, therefore, lies not only in arresting the falling
> tax-GDP ratio but also in ipso facto improving allocative efficiency
> in the economy as well as promoting equity. Against this backdrop, the
> service tax needs to be designed taking into account the fact that (i)
> the share of services in GDP is expanding; (ii) failure to tax
> services distorts consumer choices and encourages spending on services
> at the expense of goods; (iii) untaxed service traders are unable to
> claim value added tax (VAT) on service inputs, which encourages
> businesses to develop in-house services, creating further distortion
> and (iv) most services that are likely to become taxable are
> positively correlated with expenditure of high-income households and,
> therefore, service tax improves equity. In the Indian context,
> taxation of services assumes importance in the wake of the need for
> improving the revenue system, ensuring a measure of neutrality in
> taxation between goods and services and eventually helping to evolve
> an efficient system of domestic trade taxes, both at the Central and
> the State levels. The coverage of services under tax net has been
> progressively widened over the years. With effect of the Finance Act,
> 2004. 71 services are presently contributing to the service tax collections. The service tax is applicable to all parts of India
> except the State of Jammu and Kashmir and is leviable on the gross
> amount charged by the service provider from the client. The rate of
> service tax was increased from 5 percent since September 10, 2004.
> With the increase in tax rate and base of service tax, the collections
> from the service tax have shown a steady rise from Rs. 410 crore in
> 1994-95 to Rs. 8,300 crore in 2003-04; however, they accounted for
> only 4.4 percent of the total tax receipts of the Centre (0.3 percent
> of GDP) in 2003-04. Service tax is envisaged as the tax of the future.
> The inclusion of all value added services in the tax net would yield a
> larger amount of revenue and make the existing tax structure more
> elastic. Once the service sector is adequately covered under tax net,
> the buoyant services sector will enable the reversal of declining
> trend in tax buoyancy. Besides raising the revenue buoyancy,
> appropriate taxation of services sector would also provide equity,
> efficiency and consistency in the tax administration as well as
> neutrality for various economic activities. Integration of services
> sector to the tax net would be the prelude to the introduction of a
> full-fledged VAT system.
The origin of service tax is attributed to __________
- increase in Gross Domestic Product (GDP)
- existence of service sector
- tax of the future
- metamorphosis of our country’s economy
- enormous growth potential of industrial sector
Solution : metamorphosis of our country’s economy
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Solution :
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