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Important Questions on Direct and Indirect Taxes

EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Which of the following commodities is not kept outside the perview of GST?
a) High speed Diesel
b) Natural Gas
c) Supply of liquor for human consumption
d) Aviation turbine fuel
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
A direct tax cannot be shifted to other person. Central direct taxes is/are _____.
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Which of the following is not included in the service to calculate the service tax?
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
What of the following taxes is applicable in the case of supply of goods from Gujarat to Assam?
a) CGST
b) SGST
c) UTGST
d) IGST
MEDIUM
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Exclusive economic zone extends to _____ (200/300) nautical miles from the baseline of the coast. Beyond __________ (100/200) nautical miles is High Seas.
(a) 200, 200
(b) 300, 100
(c) 200, 100
(d) None of the above
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Which one of the following duties/taxes is the major component of the customs duties in the Indian Economy?
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Transport of goods by which of the following is free from levy of the Service Tax?
MEDIUM
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
India with immediate effect has boosted the Customs Duty on all the goods imported from Pakistan to:
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
“Indian customs waters” means the waters extending into the sea up to:
(a) the limit of Exclusive Economic Zone
(b) 24 NM from baseline
(c) 12 NM from baseline
(d) None of the above 
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Most of the Indirect Taxes replaced by _____.
MEDIUM
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
The limit of exclusive economic zone of India, is from the nearest point of the baseline.
(A) 200 nautical miles
(B) 12 nautical miles
(C) 24 nautical miles
(D) 100 nautical miles 
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes

Beneficial owner means any person:

(a) on whose behalf the goods are being imported or exported
(b) who exercises effective control over the goods being imported or exported
(c) (a) or (b)
(d) None of the above 

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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
'Sub-prime lending' is a term applied to the loans made to _____.
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Which of the following taxes have been subsumed in GST?
a. Central Sales Tax
b. Central Excise Duty and Service Tax
c. Value Added Tax
d) All of the above
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes

Which of the following is included in the Countervailing Duty?

  1. Financial contribution made by a government.

  2. Direct transfer of funds by government agencies.

  3. Loans, and infusion of equity.

  4. Fiscal incentives such as tax credits.

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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Which one of the following items will be subsumed under the Goods and services Tax of India?
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Excise duty is a tax levied on the:
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
_____ is a credit in respect of central excise on inputs purchased for the manufacture or duty paid about the manufacture of the final product?
EASY
Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
The Goods and Services Tax (GST) proposed to cover taxes like _____.
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Test of General Awareness>Financial Market Awareness>Direct and Indirect Taxes>Indirect Taxes
Which of the following taxes is applicable in the case of supply of services from Bihar to Rajsasthan?
a) CGST
b) SGST
c) UTGST
d) IGST