MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Sales Tax / VAT

Q28. Consider...

Question

Q28. Consider the following statements regarding Krishi Kalyan Cess (KKC)
1. It is a levy/tax imposed by the Union Government on all services, which are liable to service tax, at the rate of 0.5% for financing improvement of agriculture and welfare of farmers.
2. The proceeds will be kept out of the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament, utilize the money for such specified purposes as it may consider necessary.
Which of the above statement(s) is/are correct?

A

(a) Only 1

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

(b) Only 2

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

(c) Both 1 and 2

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

(d) None of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A (a) Only 1
The proceeds are first credited to the Consolidated Fund of India and the Central
Government may, after due appropriation made by Parliament, utilize the money for such specified purposes as it may consider necessary.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Q. With reference to the Cess and Surcharge, consider the following statements:Which of the above given statements is/are correct?

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

Q. 51. With reference to GST, consider the following statement(s) about Reverse charge Mechanism
1. It is the mechanism where the supplier of goods/services is liable to pay tax instead of the recipient.
2. It may be applicable for both services as well as goods.
3. The purpose of this charge is to increase tax compliance and tax revenues
Which of the above statement(s) is/are correct?

Q. Consider the following statements about Finance Commision :

1. It recommends the distribution of the net proceeds of taxes to be shared between the Centre and the states, and the allocation between the states of the respective shares of such proceeds.
2. It recommends the principles that should govern the grants-in-aid to the states by the Centre (i.e., out of the consolidated fund of India).
3. The recommendations made by the Finance Commission are only of advisory nature and hence, not binding on the government.

Which of the above statements is/ are correct ?

Q. Goods and Services Tax (GST) is an indirect tax introduced in India in 2017 that is imposed on the supply of goods and services, and it subsumes all indirect taxes except few. It is a destination-based tax imposed on goods and services used, and it is not imposed at the point of origin from where goods come. GST also has a few components specific to state governments, central government and Union Territories (UTs).
Which one of the following statements can be inferred from the given passage?

Q. Consider the following statements:

1. Cess is Tax on Tax
2. The purpose of imposing a cess is to reduce inequality further
3. Surcharge is the tax imposed on cess.

Which of the above statements are correct?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Sales Tax and Value Added Tax

MATHEMATICS

Watch in App

explore_more_icon

Explore more

Sales Tax / VAT

Standard VIII Mathematics

Join BYJU'S Learning Program

CrossIcon