Business Taxation - Unit 5
Authored by Ananthika S
Financial Education
University
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20 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
What category does Custom Duty fall under?
a. Direct Tax
b. Indirect tax
c. State tax
d. Local Tax
2.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
When was the Customs Duty Act established?
a. 1926
b. 1962
c. 1975
d. 1957
3.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
When was the Custom Duty Tariff Act introduced?
a. 1985
b. 1986
c. 1975
d. 1976
4.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Basic Custom Duty is levied on-
a. Transaction Value
b. Assessable Value
c. Import Price
d. Free on Board Price
5.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Which of the following items is not covered under the Goods under Custom Act?
Vessels
Baggage
Stores
Farm House
6.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Which of the following is not a type of Custom Duty?
Basic Custom Duty
Special Custom Duty
Social Welfare Surcharge
Integrated Goods and Services Tax
7.
MULTIPLE CHOICE QUESTION
20 sec • 2 pts
Mr. Richard, a trader in Delhi has opted for composition scheme of taxation under GST. Determine the rate of total GST payable by him under composition scheme:
0.5% CGST & 0.5% SGST
2.5% CGST & 2.5% UTGST
5% IGST
5% UTGST
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