Which of the following tax (now replaced by GST) was levied by Central government? I. Entertainment tax II. Entry tax
Neither I nor II
Before the introduction of the Goods and Services Tax (GST) in 2017, India's indirect taxes were split between the Centre and the States according to the lists in the Seventh Schedule of the Constitution.
The Centre levied taxes such as central excise duty, service tax and central sales tax, while the States levied their own set of local indirect taxes.
Entertainment tax (statement I) was traditionally a State subject, imposed by State governments and often collected through local bodies on cinema tickets, amusements and similar entertainment.
Entry tax (statement II) was also a State-level levy, charged on the entry of goods into a local area or a State for consumption, use or sale there.
Since both of these were State levies and not central taxes, neither of the two statements correctly describes a tax levied by the Central government.
Both taxes were, however, among the many State and central levies later subsumed into GST, which unified them into a single tax.
Therefore the answer is Neither I nor II.
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Important Questions from Money and Banking
Which one of the following is likely to be the most inflationary in its effects?
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Consider the following statements :
The effect of devaluation of a currency is that it necessarily
1. improves the competitiveness of the domestic exports in the foreign markets
2. increase the foreign value of domestic currency
3. improves the trade balance
Which of the above statements is/are correct?
Indian Government Bond Yields are influenced by which of the following?
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below.
With reference to “Urban Cooperative Banks" in India, consider the following statements :
1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966
Which of the statements given above is/are correct?
