GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Service tax was introduced first time on:
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1 year
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2 years
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3 years
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4 years
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Explanation:
Detailed explanation-1: -Service tax was imposed on the services provided to the customers. It was introduced in India for the first time in the year 1994-95. It is an indirect tax, that means, the burden of tax can be shifted to other person.
Detailed explanation-2: -The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. The introduction of this levy in India can be termed as milestone in Indian Tax history.
Detailed explanation-3: -The service tax rate increased from 5% in 1994 to 15% in 2016.
There is 1 question to complete.