Bissoy.com
Doctors Medicines MCQs Q&A

Assertion (A): Revenue from indirect taxes was the major source of tax revenue till tax reforms were taken during nineties.
Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise.

Assertion (A): Revenue from indirect taxes was the major source of tax revenue till tax reforms were taken during nineties.
Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise. Correct Answer Both (A) and (R) are correct and (R) is the correct explanation of (A)

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.
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
The following graph indicates the composition of our tax revenue for a period of two decades: With reference to the above graph, which of the following is/are the most logical and rational inference/inferences that can be made? 1. During the given period, the revenue from Direct Taxer as percentage of gross tax revenue has increased while that of Indirect Taxes decreased.  2. The trend in the revenue from Excise Duty demonstrates that the growth of manufacturing vector has been negative during the given period.  Select the correct answer using the code 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?
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 :
The Central Board for Indirect Taxes & Customs (CBIC) has launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP. It will provide free access to information on all customs procedures and regulatory compliance for nearly how many customs tariff items?
The following sentences form a paragraph. They are numbered a P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in a correct order. P. Also, the customers will have funds to spend because of lower tax rates.  Q. The Goods and Services Tax (GST) is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. R. It will substitute most other indirect taxes and synchronize the differential tax rates on mass-produced goods and services. S. The government of India claims that GST will enhance Indian GDP by 2%.
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 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:
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.