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Which of the following statement is correct? a.) excise duty is levied on sales of volume b.) custom duties have been drastically cut down since 1991 c.) VAT has been adopted by two-three states in India d.) agriculture contribute the maximum to the direct tax revenue in India?
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Which of the following statement is correct? a.) excise duty is levied...
The answer is option B.
The custom duties have been drastically cut down since 1991. The peak rate has been come down from 150% in 1991-92 to 40% in 1997-98. The simple average tariff rates has therefore declined from 81.8% in 1990 to b32.4% in 1999 and to 29% in 2002.
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Which of the following statement is correct? a.) excise duty is levied on sales of volume b.) custom duties have been drastically cut down since 1991 c.) VAT has been adopted by two-three states in India d.) agriculture contribute the maximum to the direct tax revenue in India?
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