SSC Economics Sample Paper NCERT Sample Paper-5

  • question_answer
    Which of the following comes under the union list?
    1. Service tax
    2. Excise duties
    3. Customs Duty
    Choose the correct one:

    A)  Only 1 and 2

    B)  Only 2 and 3

    C)  Only 1 and 3    

    D)  All 1, 2 and 3

    Correct Answer: D

    Solution :

    [d] Service Tax is levied on certain services specified by the central government. Throughout India, the service tax rate is 10.3 percent of the value on taxable services. Jammu and Kashmir is the only state that does not have a service tax. Excise Duties are taxes levied by the central government on goods manufactured in India. The rate generally ranges between 8 percent and 24 percent. Liquor and narcotics are taxed separately by state governments. Most manufacturers and retailers include excise duties in the retail price of goods. Customs Duties are levied by the central government on goods imported into and exported out of India. There are 11 types of customs duty in India, including the basic customs duty on imported goods and export duty on exported goods. The central government sometimes levies several additional protective duties on imported goods that have a visibly negative impact on domestic industry.

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