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Consumer rights and responsibilities

Which one of ...

Question

Which one of the following sources of Central revenue belongs to the category of Indirect taxes?

A

Corporation tax

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B

Customs

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C

Wealth tax

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D

Interest Receipts

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Solution

The correct option is B Customs
Custom Duty is a indirect tax for goods when import or export. The tax is collected by Central Board of Indirect Taxes and Customs.

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Similar questions

Q. Which one of the following sets of sources of revenue belongs to the Union Government alone?

Q. Short answer type questions:
Distinguish between: (a) Revenue receipts and capital receipts; (b) Direct tax and Indirect tax.

Q. Long answer type questions:
What is the meaning of revenue receipts? What are the two main sources of revenue receipts?

Q. Consider the following statements:
1. Revenue budget deals with receipts from taxation and non-tax sources and the expenditure met out from these sources.
2. Net recoveries of loans and advances to states are public sector enterprises form the revenue receipts of the government.
Which of the statements given above is/are correct?

Give the differences between direct tax and indirect tax.

OR

Difference between capital receipts and revenue receipts.

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