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Doctors Medicines MCQs Q&A

Match List - I with List - II : List - I List - II A. Stamp duties and duties on medical I. Duties levied by the Union Government but collected and appropriated by the State B. Duties on succession to property other than agricultural land II. Taxes levied and collected by the Union but assigned to the States C. Taxes on income other than corporation tax and taxes on agricultural income III. Taxes levied and collected by the Union and distributed between the Union and the States D. Excise duty on items other than medical and toilet preparation IV. Taxes levied and collected by the Union but which may be distributed between the Union and the States Choose the correct answer from the options given below :

Match List - I with List - II : List - I List - II A. Stamp duties and duties on medical I. Duties levied by the Union Government but collected and appropriated by the State B. Duties on succession to property other than agricultural land II. Taxes levied and collected by the Union but assigned to the States C. Taxes on income other than corporation tax and taxes on agricultural income III. Taxes levied and collected by the Union and distributed between the Union and the States D. Excise duty on items other than medical and toilet preparation IV. Taxes levied and collected by the Union but which may be distributed between the Union and the States Choose the correct answer from the options given below : Correct Answer <span lang="EN-IN" style=" line-height: 107%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">(A) - (I), (B) - (II), (C) - (III), (D) - (IV)</span>

The correct answer is (A) - (I), (B) - (II), (C) - (III), (D) - (IV).

Key Points

  • Under Article 268(1) in the Constitution Of India, stamp duties and such duties of excise on medicinal and toilet preparations as are mentioned in the Union List shall be levied by the Government of India but shall be collected:
    • a) in the case where such duties are leviable within any Union territory, by the Government of India, and
    • b) in other cases, by the States within which such duties are respectively leviable.
  • Under Article 269(1) of the Constitution Of India, Duties on succession to property other than agricultural land shall be levied and collected by the Government of India but shall be assigned to the States.
  • Under Article 270 of the Constitution Of India, Taxes on income other than agricultural income shall be levied and collected by the Government of India and distributed between the Union and the States.
  • Medicinal and Toilet Preparations (Excise Duties) Act, 1955 is an act to provide for the levy and collection of duties of excise on medicinal and toilet preparations containing alcohol, (narcotic drug or narcotic).
  • Article 270: All taxes and duties referred to in the Union List, except the duties and taxes referred to in articles 268 and 269, respectively, a surcharge on taxes and duties referred to in Article 271 and any cess levied for specific purposes under any law made by Parliament shall be levied and collected by the Government of India and shall be distributed between the Union and the States in the manner provided in clause (2).
    • (2) Such percentage, as may be prescribed, of the net proceeds of any such tax or duty in any financial year shall not form part of the Consolidated Fund of India, but shall be assigned to the States within which that tax or duty is leviable in that year, and shall be distributed among those States in such manner and form such time as may be prescribed in the manner provided in clause (3).
    • (3) In this article, “Prescribed” means -
      • (i) until a Fin  ance Commission has been constituted, prescribed by the President by order, and
      • (ii)after a Finance Commission has been constituted, prescribed by the President by order after considering the recommendations of the Finance Commission.’]  ​

Related Questions

In the question below, are given a statement followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the following suggested courses of actions logically follow(s) for pursuing. Statement: Soon VAT 69 whiskey and Smirnoff Vodka will not be found on the shelves of Delhi Liquor stores owing to the duplication of barcode by manufacturer United Limited. The Delhi government financial commissioner blacklisted the manufacturer. Financial commissioner Anindo Majumdar had said in an order dated September 14, that USL had violated provisions of the Delhi Excise Act, 2009 and Delhi Excise Rules, 2010 by using unauthorized and loose barcodes, which could be easily misused. Courses of action: I. The ban will force United Spirits Limited not to sell its liquor in the national capital for two years. II. the appellant violated provisions of the Delhi Excise Act, 2009, Delhi Excise Rules, 2010, the terms and conditions of the license issued to it and the standard operating procedure framed by the Delhi Excise Department and that consequently the department has rightly imposed the penalty of blacklisting under Rule 70 of the Delhi Excise Rules, 2010 upon United Spirits LTD (USL), Aurangabad. III. United Limited has been blacklisted by the Delhi government financial commissioner.
As per the Budget Estimates of 2019-20, the following are some of the important sources of tax receipts for the Union Government: 1. Corporation Tax 2. Taxes on Income other than Corporation Tax 3. Goods and Services Tax 4. Union Excise Duties Which one of the following is the correct descending order of the aforesaid tax receipts as a· percentage of GDP?
Which of the following taxes have been replaced by the GST? Indicate the correct code: (A) Central Excise duty (B) Service tax (C) Taxes on advertisements (D) Duties of Excise-Medicinal and toilet preparations Choose the correct answer from the options given below:
In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market
Consider the following statements : A. Corporation tax is levied on the income of both registered, unregistered companies and corporations. B. Corporation tax is levied on incomes of individuals and Hindu Undivided Family. C. Corporation tax is levied only on the incomes of registered companies and corporations. Which of the above statements is/are true? Choose the correct answer from the options given below :
Consider the following important sources of tax revenue for the Central Government : I. Corporation tax II. Taxes on income other than corporation tax III. Customs IV. Union excise duties Which one of the following is the correct descending order in terms of gross tax revenue?
Consider the following important sources of tax revenue for the Central Government in India: I. Union Excise Duty II. Corporation Tax III. Income Tax IV. Service Tax Which one of the following is the correct descending order in terms of Gross Tax Revenue?
Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Which of the following taxes are levied and collected by the Government of India and assigned to the States
1. Taxes on railway fares and freights
2. Taxes on the sale and purchase of newspapers of and on advertisement published therein
3. Taxes on agricultural income
4. Taxes on professions, trade, callings and employment
Given below are two statements. One is labelled as Assertion (A) and the other is labelled as Reason (R).  Assertion (A): Tax should not be charged on dividend income from the shareholders  Reason (R): Some economists are of the opinion that when tax has already been paid on the profit of the company and balance is distributed as dividend to the owners, tax need not be levied on them  In the light of the above two statements, choose the correct answer from the options given below  1. Both A) and R) true and R) is the correct explanation of A) 2. Both A) and R) true but R) is NOT the correct explanation of A) 3. A) is true but R) is false  4. A) is false but R) is true