GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An advalorem duty is a tax on the basis of
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the price of a commodity
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the unit of a commodity
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the advertisement expenditure
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the value added
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Explanation:
Detailed explanation-1: -Notes: An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The most common ad valorem taxes are property taxes levied on real estate. However, ad valorem taxes may also extend to a number of tax applications, such as import duty taxes on goods from abroad.
Detailed explanation-2: -Ad Valorem Tax – refers to the excise tax which is based on selling price or other specified value of the goods/articles.
Detailed explanation-3: -In GST also, tax is payable on ad-valorem basis i.e percentage of value of the supply of goods or services.
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