Podcast
Questions and Answers
What is the primary objective of the Customs Act?
What is the primary objective of the Customs Act?
- To ensure the protection of Indian industries (correct)
- To regulate the movement of goods internationally
- To exempt certain goods from customs duty
- To regulate indirect taxes in India
What is meant by inter-state supply?
What is meant by inter-state supply?
- Supply of services within a state
- Supply of goods within a state
- Supply of goods between states (correct)
- Supply of goods from India to other countries
What are the characteristics of a good tax system?
What are the characteristics of a good tax system?
- Simple, neutral, and stable (correct)
- Flexible, fluctuating, and complex
- Equitable, certain, and convenient
- Progressive, proportional, and regressive
What is the purpose of the GST in India?
What is the purpose of the GST in India?
What is meant by zero-rated supply?
What is meant by zero-rated supply?
What is the main object of levying tax?
What is the main object of levying tax?
What type of taxes are directly imposed on individuals?
What type of taxes are directly imposed on individuals?
On which stage of production is excise duty levied?
On which stage of production is excise duty levied?
Which tax is being subsumed into GST at the central level?
Which tax is being subsumed into GST at the central level?
What does SEZ stand for?
What does SEZ stand for?
How many rates of taxes are there under the GST Act?
How many rates of taxes are there under the GST Act?
Study Notes
Indirect Taxes
- The main object of levying tax is to raise revenue.
- Direct taxes are not mentioned in the context.
- Excise duty is levied on production of goods.
- Excise duty was first levied on tyres.
GST
- GST subsumes various taxes at central and state levels.
- Taxes subsumed into GST at central level include Service tax.
- There are 4-6 rates of taxes under GST Act.
- Zero rated supply means no tax is payable, but credit is allowed.
Customs Act
- The Customs Act was passed in 1962.
- Section 74 deals with duty drawback of Customs.
- Duty drawback is a provision relating to customs duty.
GST Structure
- GST has a multi-rate structure.
- Types of rates under GST include integrated tax and intra-state supply.
Taxable Supply
- Value of taxable supply refers to the value of goods or services supplied.
- Eligibility conditions for taking input tax credit include having a valid invoice and paying taxes.
Nature of Supply
- Nature of supply can be determined by the place of supply.
- Integrated tax is levied on inter-state supply, while intra-state supply is levied within the state.
Customs Tariff Act
- The Customs Tariff Act was passed in 1975.
- Objects of Customs Act include raising revenue and regulating trade.
Special Economic Zone
- SEZ refers to Special Economic Zone.
Other Taxes
- Purchase tax, luxury tax, and entry tax are taxes being subsumed into GST at state level.
- Customs duty is levied on import of goods.
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Description
Take this quiz to test your knowledge of Indirect Taxes, including the objectives of levying taxes, types of direct taxes, and excise duty. This quiz is based on the 6th semester BCom model examination held in April 2024.
