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IBPS PO Mains Exam: Enrich your Vocab ‘Shifting the GST Goalpost’

Nov 9, 2016 16:04 IST

    In any banking examination these days, you have to score well in the English section in order to get a sure shot selection in the final list. In order to help you in that, we are giving you a unique way to learn new words as vocabulary is very important to survive the English test in these examinations. In this test, we present to you an article from ‘The Hindu’ (dated October 21st, 2016) and the difficult words have been made bold in the passage. After the passage, they have been explained with application of the words in the sentence. Go through them and enrich your vocabulary with new words to make your chances to get selected brighter in the examination.

    Article: Shifting the GST Goalpost

    The outcomes of the latest meeting of the Council tasked with steering the Goods and Services Tax regime are worrying. For one, it leaves the Centre hard-pressed to meet its intended deadline for the new indirect tax regime, April 1, 2017. Finance Minister Arun Jaitley had set a November 22 target to resolve all operational issues with State representatives in the Council so that the rates and implementation modalities could be codified into law and passed by Parliament in the winter session. When it met for the first time in late September, things appeared to be on track, with the Council agreeing almost unanimously on technicalities such as the turnover thresholds for firms to be covered under the GST and the division of administrative control over tax assesses between the Centre and the States. A time-bound road map to finalize remaining details, such as the tax rates, compensation for States in case of revenue loss under the new system, as well as the legislative actions required in Parliament and the State Assemblies, was also agreed upon.

    As the winter session approaches, that spirit of cooperation has evaporated: the Council has agreed on precious little, including the tax rates proposed by the Centre. Worse, the pact reached earlier on administrative control of manufacturing sector assesses has unraveled with States raising fresh concerns. The proposal to subsume in the GST all cess levies, several of them introduced by the present NDA government, has been discarded. This was a critical part of the official GST pitch and was backed by the Council in September. But now the Finance Ministry is keen on an additional cess on ultra-luxury and ‘sin’ goods to fund compensation for States losing revenue. It has suggested a cess may be better than the 40 per cent slab for demerit goods, mooted by a committee led by Chief Economic Advisor Arvind Subramanian along with two other slabs of 12 per cent and 17-18 per cent. With a four-tier GST rate structure, a 4 per cent tax on gold (in line with the CEA’s advice), in addition to some exemptions that would be granted as tax refunds, topped with the new cess to compensate States, the new regime could well just be old wine in a new bottle, from the taxpayers’ perspective. Mr. Jaitley has explained that the rate proposals are meant to prevent a spurt in retail inflation. But to bring about convergence with States at the Council’s next meetings in November and bring its showcase reform item back on track, the government needs to return to the drawing board.

    1. Tasked (verb): assigned a task to somebody or made great demands on the resources of somebody

    Synonyms: Assigned, entrusted, loaded

    Antonym: aided, assisted, exonerated

    Sentence: The new committee has been tasked by the Supreme Court to oversee all the commercial deals entered into by BCCI in the future.

    2. Regime (noun): A system or ordered way of doing something / a government especially an authoritarian one

    Synonym: system, arrangement, code, arrangement

    Antonym: anarchy, disorganization

    Sentence: The new regime at the centre decided to do away with subsidies in agricultural products in the country.

    3. Resolve (verb): settle or find a solution to something debatable or contentious / decide firmly on the next course of action

    Synonym: accomplish, achieve, actualize, enact

    Antonym: failed, destroyed, lost

    Sentence: The judges tried to resolve the issue between the two warring parties but in vain.

    4. Modalities (noun): a particular mode in which something is expressed or is experienced something exists

    Synonym: methods, procedures, processes, approaches

    Antonym: chaos, anarchy, differences

    Sentence: The bureaucrats are the persons who work out the modalities after an agreement is signed by countries on any international forum.

    5. Unanimously (adverb): Without opposition / with the approval of all the people involved

    Synonym: collectively, commonly, consistently

    Antonym: differently, divergently, oppositely

    Sentence: The standing committee has decided to pass the bill unanimously after a marathon round of discussion.

    6. Precious (adjective): of great value / not to be treated carelessly

    Synonyms: adored, cherished, beloved, dear

    Antonyms: cheap, common, impaired, deficient

    Sentence: The exhibition at the gallery has many precious works of art on display.

    7. Unraveled (verb): investigated or solved and explained something complicated and difficult / undo twisted or knotted or woven threads

    Synonym: deciphered, undid, resolved, solved

    Antonym: entangled, questioned, wondered, joined

    Sentence: The police are attempting to unravel the cause of his death.

    8. Subsume (verb): Include or absorb something in something else

    Synonym: include, classify, contain, involve

    Antonym: exclude

    Sentence: Most of these phenomena can be subsumed into two broad categories mainly.

    9. Discarded (verb): got rid of something or someone as no longer desirable or useful

    Synonym: Rejected, damaged, abandoned, relinquished

    Antonym: cherished, worthwhile, kept

    Sentence: All his theories regarding black hole have been discarded by the scientists all over the world.

    10. Mooted (verb): raised a question or topic for discussion / made a suggestion regarding something

    Synonym: broached, discussed, introduced

    Antonym: closed, finished

    Sentence: The new fund transfer proposal was first mooted by the government last year.

    Question (1-5): Answer the following questions as directed

    1. Find out the word which means the same as ‘impair’

    1. Decompose
    2. Sauciness
    3. Bestow
    4. Hatred
    5. Other than those given in options

    Solution: Option (1)

    Explanation: The word means to diminish or deteriorate. Among the given options, ‘decompose’ means to worsen or diminish. So, option (1) is the right choice among the given options.

    2. Find out the word which means the same as ‘brewing’

    1. Immunity
    2. Imminent
    3. Nominate
    4. Ecstatic
    5. Exotic

    Solution: Option (2)

    Explanation: The word means that something is coming or something is approaching to take place. Among the given options, ‘imminent’ means the same and that is why, it is the right choice among the given options.

    3. Find out the right word which means the opposite of the word ‘immense’

    1. Receding
    2. Sane
    3. Sagacious
    4. Puny
    5. Other than those given in options

    Solution: Option (4)

    Explanation: The given word means that something is significant or very big. Among the given options, ‘puny’ means the same and that is why, it is the right choice among the given options.

    4. Find out the right word which means the same as ‘jaded’

    1. Solemn
    2. Morose
    3. Fatigued
    4. Weak
    5. Other than those given in options

    Solution: Option (3)

    Explanation: The given word means that somebody is exhausted or tired. Among the given options, option (3) means the same and that is why it is the right choice among the given options.

    5. Find out the word which means the opposite to the word ‘jejune’

    1. Jubilant
    2. Rejoicing
    3. Judicious
    4. Piquant
    5. Dull

    Solution: Option (4)

    Explanation: The given word means that something is dull or boring. Among the given options, ‘piquant’ means interesting and that is why, it is the right choice among the given options as the synonym of the given word.

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