Top Union Budget Points by SSC Coaching Institute in Delhi

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The Quiz below concludes our extensive coverage of Union Budget 2022 with a set of 20 questions that you can expect to see in a Competitive Examination. So, let us get started without waiting any further!!

Union Budget 2022 Quiz

Question 1) As per the Union Budget 2022-23, The Production-Linked Incentive (PLI) scheme across 14 sectors will generate at least _____ new job opportunities.
A) 50 lakh
B) 60 lakh
C) 40 lakh
D) 70 lakh
E) None of these
Answer – B) 60 lakh
Explanation:
As per the Union Budget 2022-23, The Production-Linked Incentive (PLI) scheme across 14 sectors will generate at least 60 lakh new job opportunities and an additional production of 30 lakh crore during next 5 years.

Question 2) How many MSMEs will get the additional credit from the Emergency Credit Line Guarantee Scheme (ECLGS) as per the Union Budget 2022-2023?
A) More than 120 lakh
B) More than 100 lakh
C) More than 110 lakh
D) More than 130 lakh
E) None of these
Answer – D) More than 130 lakh
Explanation:
As per the Union Budget 2022-2023, the Emergency Credit Line Guarantee Scheme (ECLGS) has provided much-needed additional credit to more than 130 lakh MSMEs to overcome the adverse effects of the pandemic.

Question 3) As per the Union Budget 2022-23, the guarantee cover of the Emergency Credit Line Guarantee Scheme (ECLGS) will be expanded by Rs 50,000 crore to total cover of ______ crore.
A) Rs 6 lakh
B) Rs 5 lakh
C) Rs 7 lakh
D) Rs 8 lakh
E) None of these
Answer – B) Rs 5 lakh
Explanation:
As per the Union Budget 2022-23, the guarantee cover of the Emergency Credit Line Guarantee Scheme (ECLGS) will be expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore.

Question 4) As per the Budget, the eligible start-ups established before 31.3.2022 had been provided a tax incentive for ______ consecutive years out of ten years from incorporation.
A) 3
B) 5
C) 7
D) 6
E) None of these
Answer – A) 3
Explanation:
As per the Budget, the eligible start-ups established before 31.3.2022 had been provided a tax incentive for three consecutive years out of ten years from incorporation.

Question 5) Due to pandemic, This Union Budget 2022-2023 provides for extending the period of incorporation of the eligible start-ups by _____ more year, that is, up to 31.03.2023 for providing the tax incentive.
A) 2
B) 1
C) 5
D) 3
E) None of these
Answer – B) 1
Explanation:
Due to pandemic, This Union Budget 2022-2023 provides for extending the period of incorporation of the eligible start-ups by one more year, that is, up to 31.03.2023 for providing the tax incentive.

Question 6) As per the Budget 2022-2023, a concessional tax regime of _____ tax was introduced by the government for newly incorporated domestic manufacturing companies in order to establish a globally competitive business environment.
A) 10%
B) 15%
C) 12%
D) 14%
E) None of these
Answer – B) 15%
Explanation:
As per the Budget 2022-2023, a concessional tax regime of 15% tax was introduced by the government for newly incorporated domestic manufacturing companies in order to establish a globally competitive business environment.

Question 7) Which of the following is the last date for commencement of manufacturing or production under section 115BAB?
A) 31 March 2024
B) 31 June 2024
C) 31 September 2024
D) 31 December 2024
E) None of these
Answer – A) 31 March 2024
Explanation:
The union Budget 2022-2023 proposes to extend the last date for commencement of manufacturing or production under section 115BAB up to 31st March, 2024.

Question 8) The union Budget 2022-2023 proposes to increase the tax deduction limit from 10 % to ________ on employer’s contribution to the NPS account of State Government employees.
A) 15%
B) 14%
C) 13%
D) 12%
E) None of these
Answer – B) 14%
Explanation:
The union Budget 2022-2023 proposes to increase the tax deduction limit from 10 % to 14% on employer’s contribution to the NPS account of State Government employees.

Question 9) As per the union Budget 2022-2023, a provision has been made for TDS on payment made in relation to transfer of virtual digital assets at the rate of _____ of such consideration above a monetary threshold.
A) 5%
B) 6%
C) 1%
D) 4%
E) None of these
Answer – C) 1%
Explanation:
As per the union Budget 2022-2023, a provision has been made for TDS on payment made in relation to transfer of virtual digital assets at the rate of 1% of such consideration above a monetary threshold in order to capture the transaction details.

Question 10) As per the Union Budget 2022-2023, to facilitate the export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by _____ this year.
A) December
B) September
C) July
D) June
E) None of these
Answer – D) June
Explanation:
As per the Union Budget 2022-2023, to facilitate the export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year.

Question 11) As per the Budget 2022-23, to disincentivize import of undervalued imitation jewellery, the customs duty on imitation jewellery is being prescribed in a manner that a duty of at least _________ is paid on its import.
A) Rs 400 per Kg
B) Rs 500 per Kg
C) Rs 600 per Kg
D) Rs 700 per Kg
E) None of these
Answer – A) Rs 400 per Kg
Explanation:
As per the Budget 2022-23, in order to disincentivize import of undervalued imitation jewellery, the customs duty on imitation jewellery is being prescribed in a manner that a duty of at least Rs 400 per Kg is paid on its import.

Question 12) As per the Union Budget 2022-2023, in order to encourage the efforts for blending of fuel, unblended fuel shall attract an additional differential excise duty of Rs 2/ litre from _____
A) 1 March 2022
B) 1 June 2022
C) 1 September 2022
D) 1 October 2022
E) None of these
Answer – D) 1 October 2022
Explanation:
As per the Union Budget 2022-2023, in order to encourage the efforts for blending of fuel, unblended fuel shall attract an additional differential excise duty of Rs 2/ litre from the 1st day of October 2022.

Question 13) As per the Union Budget 2022-2023, the customs duty exemption given to steel scrap last year is being extended for _____ year.
A) 1
B) 2
C) 4
D) 3
E) None of these
Answer – A) 1
Explanation:
As per the Union Budget 2022-2023, the customs duty exemption given to steel scrap last year is being extended for another year.

Question 14) As per the Union Budget 2022-2023, the customs duty of which among the following chemicals is being raised?
A) Methanal
B) Acetic Acid
C) Heavy Feed Stocks
D) Sodium Cyanide
E) None of these
Answer – D) Sodium Cyanide
Explanation:
As per the Union Budget 2022-2023, the customs duty is being raised on sodium cyanide for which adequate domestic capacity exists.

Question 15) As per the Union Budget 2022-2023, the customs duty of which among the following chemicals is being reduced?
A) Methanal
B) Acetic Acid
C) Heavy Feed Stocks
D) All of these
E) None of these
Answer – D) All of these
Explanation:
As per the Union Budget 2022-2023, the customs duty of methanal, acetic acid and heavy feed stocks is being reduced

Question 16) As per the Budget 2022-2023, How many union laws have been repealed to improve India’s ranking in the Ease of Doing Business index?
A) 1422
B) 1423
C) 1476
D) 1486
E) None of these
Answer – D) 1486
Explanation:
As per the Budget 2022-2023, 1486 union laws have been repealed to improve India’s ranking in the Ease of Doing Business index.

Question 17) As per the Union Budget 2022-2023, the customs duty of which among the following items is being exempted?
A) buttons
B) zipper
C) leather
D) furniture fittings
E) All of these
Answer – E) All of these
Explanation:
As per the Union Budget 2022-2023, items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes are being exempted in order to incentivise exports.

Question 18) The Union Budget 2022-2023, allows taxpayers to file updated income tax returns within _____ years for correcting errors.
A) 1
B) 2
C) 3
D) 4
E) None of these
Answer – B) 2
Explanation:
The Union Budget 2022-2023, allows taxpayers to file updated income tax returns within 2 years for correcting errors.

Question 19) As per the Union Budget 2022-2023, reforms in Customs Administration of Special Economic Zones will be implemented by ________
A) 31 March 2022
B) 30 June 2022
C) 30 September 2022
D) 31 October 2022
E) None of these
Answer – C) 30 September 2022
Explanation:
As per the Union Budget 2022-2023 reforms in Customs Administration of Special Economic Zones will be implemented by 30th September 2022.

Question 20) How many customs duty exemptions have been withdrawn in the Budget 2022-23 to push ‘Make in India’?
A) More than 250
B) More than 150
C) More than 175
D) More than 350
E) None of these
Answer – D) More than 350
Explanation:
More than 350 customs duty exemptions have been withdrawn in the Budget 2022-23 to push ‘Make in India’.

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Summary

This quiz comprises exam worthy questions from the 2022 Union Budget. You can also check out the Union Budget videos on our YouTube channel for further learning. Finally, to know more about our Online Classes & Coaching Courses, you can get in touch with our admissions team on 9650549487 / 9650549587 or you can write to us at vidyagurudelhi@gmail.com.