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.
College Comparison based on Courses, Placement, Rank, Fee
Answer Key | Eligibility | Application | Admit Card | Preparation Tips | Result | Cutoff
Question : The GST (goods and service tax) passed by the government will be levied on which of the following products?
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:
Question : CENVAT is related to which of the following?
Question : The agro-processing industry involves:
Question : Which organization is responsible for the marketing and export of agricultural products from India?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile