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The ‘Goods and Services Tax’ was proposed by a task force, whose President was :
Vijay Kelkar
Montek Singh Ahluwalia
Arun Jaitley
None of the above
What is the most likely advantages of implementing ‘Goods and Services Tax’ (GST)?
It will replace multiple taxes collected by multiple authorities and will thus create a single market in India
It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves
It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future
None of the above
What kind of tax is G.S.T.?
Direct Tax
Indirect Tax
Depends on the type of goods and services
None of the above
Which of the following Constitution Amendment Acts made necessary provisions for the implementation of GST (Goods and Services Tax) regime?
UPPSC 2021
101st Amendment Act
102nd Amendment Act
103rd Amendment Act
None of the above
Tax on sale of inherited property is :
Capital Gain Tax
Land Tax
Wealth Tax
None of the above
The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year:
1991-92
1992-93
1996-97
1998-99
MODVAT is related to :
48-52nd BPSC
Excise duty
Wealth Tax
Sales Tax
None of the above
Value Added Tax was first introduced in India in:
2007
2006
2005
2008
In which state in India Value Added Tax first time applied?
Jharkhand
Haryana
Uttar Pradesh
Bihar
When was the wealth tax first introduced in India?
1991
1976
1957
1984
Service tax was introduced in India on the recommendation of :
60-62nd BPSC
Kelkar Committee
Raja J. Chelliah Committee
Yashwant Sinha Committee
None of the above
Service Tax in India was introduced in the year :
56-59th BPSC
1994-95
1996-97
1998-99
1992-93
In which budget, the Commodity Transaction Tax (CTT) was introduced in the Budget of India?
66th [RE] BPSC
2013-14
2012-13
2014-15
2016-17
Which of the following tax reforms was not introduced in India during 2014-23?
Adaptation of a Unified Goods and Services Tax
Removal of the Dividend Distribution Tax
Reduction and Rationalisation of Central Excise Duty
Reduction in Corporate and Income Tax
Which of the following statements accurately describes Input Tax Credit (ITC)?
It is the tax that a business pays on its sales.
It is the tax that a business pays on its purchases and that it can use to reduce its tax liability when it makes a sale.
It is the tax that a business pays on its exports.
It is the tax that a business pays on its imports.
Which of the following statements about gift tax in India is correct?
1. Gift tax was abolished in 1998 and re-introduced in 2004.
2. Any gifts received exceeding Rs 1,00,000 in a financial year are added to the person's “income from other sources” and taxed according to the income tax slab.
