BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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GST
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CENVAT
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DTC
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MODVAT
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Detailed explanation-1: -The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assessees themselves.
Detailed explanation-2: -Corporate tax is an expense of a business (cash outflow) levied by the government that represents a country’s main source of income, whereas personal income tax is a type of tax governmentally imposed on an individual’s income, such as wages and salaries.
Detailed explanation-3: -Under the old taxation system, the central taxes applicable were custom duty/central excise duty, central sales tax on commodities and services, surcharge and cesses.
Detailed explanation-4: -Domestic Corporate Entity with a turnover up to Rs 250 Cr is liable to pay 25% of corporate Tax. For a Financial year, if the total revenue generated by a company is above 1 crore, then a surcharge corporate tax is 5% on such a corporation. Domestic Corporation is also liable to pay Health and Educational Cess at 4%.