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Revenue Budget

If Tata Motor...

Question

If Tata Motors imports a product from abroad, which of the following taxes will be levied on it?

A

Customs duty

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B

VAT

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C

Sales tax

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D

Income tax

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Solution

The correct option is A
Customs duty

Customs duty is imposed on imported and exported goods. Therefore option A is the right answer.

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Similar questions

Q. Excise Duty, Customs Duty, Service Tax, Sales Tax, Purchase Tax, Entry Tax, etc. are examples of ______________.

Q. Q. In which of the following instances the imposed tax is said to be a “Progressive tax”?Select the correct answer using the code given below:

1 only
1 and 3 only
2 and 3 only
1 and 2 only

Q. Which of the following is true about Value Added Tax (VAT)?
A. It is a consumption tax levied on value added to the product on every stage of its production.
B. VAT is levied by the Union Govt and only a small part goes to State Govts.
C. The income tax on retailers is now decided on the basis of their VAT collection in a year.

Q. MODVAT is different from VAT in the sense that:
1. Under MODVAT, tax is levied only on value addition while under VAT, excise Is imposed on final value and then rebate is given on inputs.
2. MODVAT is only at the production stage white VAT extends both to production and distribution stage.
3. Under MODVAT, excise is levied on final value and then rebate is given on inputs while under VAT, tax is levied only on value addition.
4. MODVAT implies rationalisation of excise duty only while VAT implies rationalisation of excise sales and turnover taxes etc also.

Which of the statements given above are correct?

Q. Sales tax, excise duty, and customs duty are examples of ___________.

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