Taxation System in India NDA Questions

NDA Economics

Taxation System in India MCQ Questions


1.
Indirect taxes contribute about _____ per cent of the tax revenue.
A.
25
B.
35
C.
45
D.
55
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ANSWER :
C. 45
2.
What is the major source of Indirect taxes?
A.
Service tax
B.
Value added tax
C.
Gross receipts tax
D.
Excise duty
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ANSWER :
D. Excise duty
3.
To prevent the cascading effect, _____ was introduced.
A.
Value Added Tax
B.
Service Tax
C.
Gross receipts tax
D.
Excise duty
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ANSWER :
A. Value Added Tax
4.
_____ is a tax on the value additions at each stage of production rather than on the finished goods.
A.
Estate tax
B.
Value added tax
C.
Property tax
D.
Corporate income tax
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ANSWER :
B. Value added tax
5.
VAT in Indian economy stands for
A.
Value Added Tax
B.
Value Awareness Tax
C.
Vigilance Awareness Tax
D.
Vigilance Added Tax
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ANSWER :
A. Value Added Tax
6.
The scheme which allows partial adjustment of duties on capital goods purchased is
A.
Service tax
B.
Value added tax
C.
Modified Value Added Tax
D.
Estate tax
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ANSWER :
C. Modified Value Added Tax