Q. Consider the following statements with regards to Agriculture Infrastructure Development and cess:
Which of the above given statements are correct?

1 only

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2 and 3 only

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1 and 3 only

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1, 2 and 3

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Solution

The correct option is A 1 only
Explanation:

Statements 1 is correct: The Budget (2021-22) has proposed to levy, Agriculture Infrastructure Development Cess (AIDC) to raise funds for expenditure on developing agriculture infrastructure.

Statement 2 is incorrect: AIDC will be levied on 29 products, like gold, silver, imported alcohol (excluding beer), imported apple, pulses, palm oil, urea, and petrol/diesel etc.

Statement 3 is incorrect: The AIDC will only offset the reduction in Basic Excise Duty, Basic Custom Duty, and Special Additional Excise Duty on unbranded and branded petrol-diesel. Hence, Agriculture Infrastructure development Cess will not raise the tax incidence for consumers.

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Q. Consider the following statements with regards to Agriculture Infrastructure Development and cess: Which of the above given statements are correct?

Q. Consider the following statements with regards to Agriculture Infrastructure Development and cess:
Which of the above given statements are correct?