Question : ________ is/are an item for which both GST and central excise duty are applicable in India.
Option 1: Alcohol for human consumption
Option 2: Tobacco and tobacco products
Option 3: Petroleum products
Option 4: All the agricultural commodities
Correct Answer: Tobacco and tobacco products
Solution : The correct option is Petroleum products.
In India, petroleum products are subject to both the goods and services tax and the government excise levy. 20% of the cost of fuel and 17.6% of the cost of diesel is the central excise charge. For petrol, the national government charges an excise duty of Rs 32.9 per litre, while for diesel, it is Rs 31.8 per litre. These levies make up around half of the retail price of gasoline and diesel. The sale and manufacture of petroleum products are subject to state and federal taxes, respectively.
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Question : The GST (goods and service tax) passed by the government will be levied on which of the following products?
Option 1: Petroleum and crude oil
Option 2: Tobacco
Option 3: Natural gas
Option 4: Aviation turbine fuel
Question : The Goods and Services Tax (GST) – which has replaced the Central and State indirect taxes such as VAT, excise duty, and service tax in India – was implemented on:
Option 1: 1 July 2017
Option 2: 15 August 2017
Option 3: 15 September 2017
Option 4: 2 October 2017
Question : CENVAT is related to which of the following?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Custom duty
Option 4: Service tax
Question : The agro-processing industry involves:
Option 1: Mining agricultural products
Option 2: Providing agricultural services
Option 3: Processing agricultural products
Option 4: Exporting raw agricultural products
Question : Which organization is responsible for the marketing and export of agricultural products from India?
Option 1: Food Corporation of India (FCI)
Option 2: Spices Board of India
Option 3: Agricultural and Processed Food Products Export Development Authority (APEDA)
Option 4: Indian Council of Agricultural Research (ICAR)
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