ENGLISH CLOZE TEST FOR BANK PO ||IBPS PO PRELIMS-IBPS CLERK 2017

ENGLISH CLOZE TEST FOR BANK PO ||IBPS PO PRELIMS-IBPS CLERK 2017

The Goods and Services Tax (GST) Intelligence unit has slapped a notice on the Employees’ Provident Fund Organisation (EPFO) for (1)_________on payment of service tax and has sought to examine the PF department’s records till 2016-17.The EPFO, however, told Revenue authorities that the PF office was (2)_________from paying service tax from April 2016 and hence, its services were exempt from any levy under the new indirect tax system. On July 25, the Directorate General of GST Intelligence wrote to the EPFO
headquarters informing about a (3)_________ into non-payment of service tax between July 2012 and March 2016.It had sought for overall records of all its regional and zonal offices and
issued separate notices to EPFO’s different offices. “EPFO has been (4)_________ exemption from the levy of service tax…with effect from 1 April 2016. Therefore, (5)_______ of records
up to 31 March 2017 may not be justified,” the EPFO wrote in a missive to the GST Intelligence unit on September 14.“Similarly, the exemption has continued under GST Act, by placing
EPFO in the negative list,” it added.In its letter, it further (6)____________ the demand for levy of service tax on statutory administration charges and interest charged by EPFO. The EPFO
cited an order dated April 13 from the Customs, Excise and Service Tax Appellate Tribunal which said that it was not liable to pay service tax on the statutory activities performed under
the Employees’ Provident Fund and Miscellaneous Provisions Act 1952.EPFO and ESIC [Employees’ State Insurance Corporation] are two important organs of the State providing social security
to the working class of the country under the Ministry of Labour and Employment.As the service tax exemption came into effect from April 2016, the Labour and Employment Ministry, which
has administrative charge of the EPFO, earlier this year asked the Finance Ministry to extend the relaxation retrospectively. The ministry had argued that the EPF was a social security scheme
and did not come in the category of ‘banking and financial services.’“ESIC has been granted exemption for the past period by granting exemption from (7)__________ effect. EPFO has also taken
up the matter with Ministry of Finance on the similar lines through Ministry of Labour and Employment, which is under consideration,” the EPFO stated.

 

 

OPTION

1. A)disadvantage B) abundance C) defaulting D)sufficiency

2.A)Accounted B)exempted C) clearing D)prevented

3.A)Probe B)ransack C)wanted D)results

4.A) appropriate B)Granted C) saying D)hindered

5.A)requisition B) data C) number D) clear

6.A) maintain B) equal C) target D)challenged

7.A) retrospective B) powerful C)minimum D)lethargic

 

 

ANSWER

1.defaulting

2.exempted

3.Probe

4. Granted

5.requisition

6.challenged

7.retrospective