1. Which of the following taxes are levied and collected by the Centre but their net proceeds are wholly transferred to States?

1. 1. Expenditure Tax and Gift Tax

   
   
   

   2. Additional Duties of Excise in lieu of Sales Tax

   
   
   

   3. Stamps and Registration

   
   
   

   4. Taxes on Advertisements

   
   
   

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1. View Hint View Answer Discuss in Forum

   N/A

   Correct Option: D

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2. MODVAT is related to

1. 1. Sales Tax

   
   
   

   2. wealth Tax

   
   
   

   3. Income Tax

   
   
   

   4. Excise Duty

   
   
   

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1. View Hint View Answer Discuss in Forum

   N/A

   Correct Option: D

   N/A

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3. Which one of the following is NOT an example of Indirect Tax?

1. 1. Sales tax

   
   
   

   2. Excise duty

   
   
   

   3. Custom duty

   
   
   

   4. Expenditure tax

   
   
   

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1. View Hint View Answer Discuss in Forum

   N/A

   Correct Option: C

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4. Economic Planning is in

1. 1. Union List

   
   
   

   2. State List

   
   
   

   3. Concurrent List

   
   
   

   4. not any specific list

   
   
   

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1. View Hint View Answer Discuss in Forum

   N/A

   Correct Option: C

   N/A

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5. Which one of the following is NOT a feature of 'Value Added Tax' (VAT)?

1. 1. It is a multi-point destination-based system of taxation

   
   
   

   2. It is fax levied on value addition at each stage of transaction in the production- distribution chain

   
   
   

   3. It is a tax on the final consumption of goods or services and must ultimately be borne by the consumer

   
   
   

   4. It is basically a subject of the Central Government and the State Government are only a facilitator for its successful implementation

   
   
   

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1. View Hint View Answer Discuss in Forum

   N/A

   Correct Option: D

   N/A

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