Cloze Test Based on IBPS PO Mains 2017

Directions: Identify the option in which given pair of words can appropriately replace a given fill up.
Over four months into the troubled ………….(1) of the goods and services tax, the Centre has operationalised a provision in the GST law that has been worrying industry. The National Anti-profiteering Authority, whose constitution was approved by the Cabinet last Thursday, is ……….(2) to crack down on firms that fail to pass on the ‘benefits’ of the tax regime to consumers.
The authority can order businesses to reduce product prices or refund to consumers ‘undue benefits’; in extreme cases it can impose a penalty on ………..(3) firms and cancel their registration as taxpayers. Where the consumers are difficult to trace individually, the amount ………….(4) by the authority to be the extent of undue benefit will be deposited in a consumer welfare fund. The authority will have its own bureaucracy — including a screening committee in each State that consumers can complain to; a standing committee in which profiteering …………(5) with an ‘all-India’ impact can be taken up; and an investigation wing that will vet complaints ‘with prima facie’ merit and report its findings to the NAA. More clarity is needed on how the government will ……….(6) the difference between undue profit and fair play — or the discretionary space available to the NAA could enable rent-seeking.
The ……..(7) for setting up the authority is clearly the recent large-scale reduction in tax rates on more than 300 items, of which about 200 rate changes were to come into effect from November 15. The government is keen on ensuring that consumers have a better ……….. (8) of the GST’s ground-level impact. Union Finance Secretary Hasmukh Adhia has urged companies (especially those in the fast-moving consumer goods segment) to ensure that new maximum retail prices are ……..(9) on products from November 15, even on existing inventory in the market. While wholesalers can still implement this, reaching every last retailer is ……….(10)

Question 1.

A. implementation, execution
B. performance, apply
C. significance, problem
D. plan, imposition
E. prosecution, failure
Answer 1: Option A

Question 2.

A. responsible, trying
B. warrant, permit
C. empowered, entitled
D. delegate, unshackle
E. planning, thinking
Answer 2: Option C

Question 3.

A. irresponsible, gullible
B. big highlighted
C. lawbreaking, sedentary
D. transgressing, lawful
E. errant, offending
Answer 3: Option E

Question 4.

A. earned, collect
B. constructed, raised
C. specified, dismantled
D. annihilated, gathered
E. assembled, taken
Answer 4: Option B

Question 5.

A. allegations, depositions
B. money, sum
C. authority, agency
D. indictment, advisory
E. vindication, charge
Answer 5: Option A

Question 6.

A. strike, refer
B. calculate, measure
C. establish, link
D. ascertain, discover
E. learn, find
Answer 6: Option D

Question 7.

A. trigger, motivation
B. need, certainty
C. alarm, warning
D. provoke, rise
E. activate, speed
Answer 7: Option A

Question 8.

A. awareness, information
B. opinion, valuation
C. perception, understanding
D. conception, regard
E. realizing, note
Answer 8: Option C

Question 9.

A. list, indite
B. register, written
C. marked, drawn
D. subscribed, offered
E. inscribed, engrossed
Answer 9: Option E

Question 10.

A. daring, struggling
B. challenging, demanding
C. motivating, emboldening
D. demotivating, deterring
E. threat, defeating
Answer 10: Option B