BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tax on motor vehicles
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Educational cess
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Tax on hotels
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All of these
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Detailed explanation-1: -Professional tax, VAT, and motor vehicle tax are some of the taxes that are levied and collected by the state.
Detailed explanation-2: -The taxation system in India empowers the state governments to levy income tax on agricultural income, professional tax, value added tax (VAT), state excise duty, land revenue and stamp duty.
Detailed explanation-3: -The Central Government levies both cess and surcharge. Both are collected and taken into the Consolidated Fund of India. State Governments cannot share any of these.
Detailed explanation-4: -Detailed Solution. The correct answer is Taxes on lands and buildings. Taxes levied, collected and retained by the states: Taxes on mineral resources.
Detailed explanation-5: -Which among the following taxes is levied by state government only? Notes: Entertainment tax is levied by state government only. Now it has been subsumed under Goods and Service Tax by 101st Amendment to the Indian Constitution.