Daily Editorial Cloze Test Quiz – 72 (New Pattern)

Editorial Cloze Test Quiz

Nearly 100 days after India’s tryst with the new Goods and Services Tax regime _______(1)_______ (begin), the GST Council empowered to oversee its implementation has approved several alterations. These relate to coverage and compliance norms with a view to easing the burden of paperwork and stretched cash flows imposed on smaller businesses and exporters. The Council ______(2)________ (lowered) the rates on 27 items, including dried sliced mango, khakhra, unbranded namkeen and, more importantly, yarn and sewing threads to soothe the textile industry that has been in distress over GST norms and is a bulwark for job-creation. Prime Minister Narendra Modi has said the Council’s decisions at its 22nd meeting, taken at his behest to overcome the GST system’s apparent shortcomings, are akin to an early Deepavali. That the meeting was advanced by almost 20 days, and that it has tried to deliver on the Prime Minister’s promise to fix the problems _______(3)________ (met) by traders in the first quarter of GST is welcome. The decision to switch the requirement to file three monthly returns and an annual return to a quarterly frequency for firms with a turnover of ₹1.5 crore will ease the burden of compliances on small and medium enterprises, and reduce the workload on the tax regime’s fledgling IT backbone. Equally critical is the expansion and proposed simplification of the composition scheme, under _______(4)________ (that) firms with an annual turnover of up to ₹1 crore pay a flat and low tax, and the six-month suspension of the reverse charge mechanism that required large firms to deduct tax on supplies from firms outside the GST net. This should spur fresh confidence _______(5)________ (among) small firms and help expand the tax base.

Editorial Cloze Test Quiz

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