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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?

  1.  Less than half the targeted amount.
  2.  More than half the targeted amount.
  3.  Almost half of the amount projected for the purpose.
  4.  The exact amount is not mentioned.
  5.  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?

  1.  India’s performance in exports of jewelry is better than that of gems.
  2.  India’s performance in exports of gems is better than that of jewelry.
  3.  India’s performance in value added exports has grown in the recent past.
  4.  India has made considerable effort in exporting value added products in the international market.
  5.  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.

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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?

  1.  Growth in exports in the earlier year.
  2.  Domestic demand in the sector.
  3.  India’s performance in jewelry designing.
  4.  Trend observed during the first half of the year.
  5.  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?

  1.  There was no impact as there was no service tax.
  2.  There was a steady deterioration in the GDP.
  3.  Tax-GDP ratio has steadily and gradually aggravated.
  4.  Service sector used to flourish exorbitantly.
  5.  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 __________

  1.  increase in Gross Domestic Product (GDP)
  2.  existence of service sector
  3.  tax of the future
  4.  metamorphosis of our country’s economy
  5.  enormous growth potential of industrial sector

Solution : metamorphosis of our country’s economy
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Solution :

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