IBPS PO General Awareness: Taxation questions with solutions

Q1. Which of the following is not a current GST rate slab in India?

1. 0%
2. 20%
3. 5%
4. 18%

Answer: 20%

India's current GST rate slabs include 0%, 5%, 12%, 18%, and 28% for most goods and services. 20% is not a standard GST slab. Hence, 20% is the correct answer.

Q2. CBDT has started the POEM initiative to determine the tax payable by a foreign company from the year 2018. What does P in POEM stand for?

1. Person
2. Primary
3. Presence
4. Place

Answer: Place

POEM stands for Place of Effective Management. In tax law, it is used to determine the residential status and tax liability of a foreign company based on where key management decisions are made.