| Consider the following statements. |
| 1. Indirect tax revenue comprised custom and excise before 1999 to 2000. However after 1999 to 2000 another component that of service tax was added to indirect taxes. |
| 2. The tax-GDP ratio of the centre has been consistently lower than the level of 10.3% achieved in 1991 to |
| 1992. |
| 3. In respects of customs, initially the reduction in duty rates were attributable to multilateral trade agreement induced commitments under the aegis of the World Trade Organisation (WTO). |
| Which of the statements given above are correct? |
A) 1 and 2
B) 1 and 3
C) 2 and 3
D) All of these
Correct Answer: D
Solution :
[d] The Indian Tax sources, can be divided into direct tax and indirect tax. Indirect Revenue Tax comprised customs and excise before 1999 to 2000. However after 1999 to 2000 another component that of service tax, was added to indirect taxes. The tax GDP ratio of the centre has been consistently lower than the level of 10.3% achieved in 1991 to 1992. In respect of customs, initially the reductions in duty rates were attributable to multilateral trade agreement induced commitments under the aegis of the World Trade Organisation (WTO).
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