Daily Editorial Cloze Test Quiz – 87

Editorial Cloze Test Quiz

The script was altered for the second time in two months but with far greater impact. Soon after Prime Minister Narendra Modi promised far-reaching changes to simplify the goods and services tax regime, especially for small businesses and consumers, the GST Council _______(1)________some relief measures on Friday. At its meeting in Guwahati, the Council _______(2)________the tax rates on over 200 products, compared to 27 items in its previous meeting and about 100 tweaks since GST rates were finalised in May. Over 1,200 products and services had been placed in five tax brackets — 0%, 5%, 12%, 18% and 28%. That those rates no longer hold for about a quarter of those items, and the highest tax bracket is left with just 50 products, compared to more than 250 in July, is a tacit admission that the initial rates were worked out in a hurry with maximising revenue being the prime consideration. Similarly, the ambit of the Composition Scheme for small businesses has been expanded twice — from an initial turnover threshold of ₹75 lakh per year to ₹1 crore (in October), and now further to ₹1.5 crore. This ______(3)_______require a change in the GST laws, so it may take some time to kick in. There should be no doubt that all the course corrections currently under way to ease the transition to GST are more than welcome — and the government will be hoping these ‘people-friendly’ changes will not only spur consumption but also boost compliance. But the transmission of lower rates may take time as it could be two-three months before existing inventory in the market is ________(4)________with freshly priced products. With returns for the first month of the tax yet to be filed by all registered taxpayers and less than three months to go till the presentation of the Union Budget, Finance Ministry mandarins _______(5)________a unique challenge on revenue visibility.

Editorial Cloze Test Quiz

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