BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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20
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30
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21
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25
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None
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Detailed explanation-1: -For example, duty on silver bars and Silver dore bars, with $6.6 billion worth of imports in 2022 saw duty increased from 6.1 and 7.5% respectively to 10%. Gold jewelry with imports worth $950 million saw duty increased from 20% to 25%.
Detailed explanation-2: -Why are imports taxed heavily? Tax on imports in India are high because of India’s policy of encouraging local/homegrown industries. This is called import substitution industrialisation (ISI), a trade policy that is all about substituting imports with domestic manufacturing and production.
Detailed explanation-3: -Budget 2022-23 had pencilled in receipts of Rs 1.68 trillion as BCD-a modest growth rate of 6.1 per cent over 2021-22. As part of the gross tax revenue, it is just 6 per cent in 2022-23. Former finance minister Arun Jaitley in his Budget 2018-19 announced an increase in Customs duty on 40 categories of goods.