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- Question
Excise duty is a tax levied on the
Options- A. import of goods
- B. export of goods
- C. production of goods
- D. sale of goods
- Correct Answer
- production of goods
ExplanationWhat is Excise Duty? Is it collected by the State Government or the Central Government? How is it different from Sales Tax? Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called "State Excise" duty. The Excise duty on rest of goods is called "Central Excise" duty and is collected in terms of Section 3 of the Central Excise Act, 1944.Sales Tax is different from the Excise duty as former is a tax on the act of sale while the latter is a tax on the act of manufacture or production of goods.
Reference: http://www.cbec.gov.in/faq.htm
Indian Economy problems
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- 1. If the RBI adopts an expansionist open market operations policy, this means that it will
Options- A. buy securities from non-government holders
- B. sell securities in the open market
- C. offer commercial banks more credit in the open market
- D. openly announce to the market that it intends to expand credit Discuss
Correct Answer: offer commercial banks more credit in the open market
- 2. Devaluation of a currency means
Options- A. reduction in the value of a currency vis-a-vis major internationally traded currencies
- B. permitting the currency to seek its worth in the international market
- C. fixing the value of the currency in conjunction with the movement in the value of a basket of pre-determined currencies
- D. fixing the value of currency in multilateral consultation with the IMF, the World Bank and major trading partners Discuss
Correct Answer: reduction in the value of a currency vis-a-vis major internationally traded currencies
- 3. Debenture holders of a company are its
Options- A. shareholders
- B. creditors
- C. debtors
- D. directors Discuss
Correct Answer: creditors
- 4. Since the inception of the co-operative movement, rural credits has been
Options- A. institutionalized
- B. rationalized
- C. cheapened
- D. All of the above Discuss
Correct Answer: All of the above
- 5. Which of the following is not viewed as a national debt?
Options- A. Provident Fund
- B. Life Insurance Policies
- C. National Saving Certificate
- D. Long-term Government Bonds Discuss
Correct Answer: National Saving Certificate
- 6. If the fiscal deficit of the Union Government is Rs. 75,000 crores relending to State is Rs. 25,000 crores, interest payments are Rs. 25,000 crores, what is the amount of the primary deficit?
Options- A. Rs. 50,000 crores
- B. Rs. 25,000 crores
- C. Rs. 1,00,000 crores
- D. Rs. 1,25,000 crores Discuss
Correct Answer: Rs. 50,000 crores
- 7. Resurgent India Bonds were issued in US dollar, Pound Sterling and
Options- A. Japanese Yen
- B. Deutsche Mark
- C. Euro
- D. French Franc Discuss
Correct Answer: Deutsche Mark
- 8. If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits
Options- A. will decrease
- B. will increase
- C. will neither increase nor decrease
- D. None of the above Discuss
Correct Answer: will neither increase nor decrease
- 9. Deficit financing means that the government borrows money from the
Options- A. RBI
- B. local bodies
- C. big businessmen
- D. IMF Discuss
Correct Answer: RBI
- 10. Notes on which denomination has the portrait of Mahatma Gandhi printed on them?
Options- A. 1000 rupee
- B. 500 rupee
- C. 100 rupee
- D. All of the above Discuss
Correct Answer: All of the above
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