MANAGEMENT

BUISENESS MANAGEMENT

TAXES

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following is an example of an item with excise tax?
A
Gasoline
B
Clothing
C
Produce
D
Processed snack foods
Explanation: 

Detailed explanation-1: -Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Detailed explanation-2: -Excise duty is an indirect tax which has been subsumed by the Goods and Services Tax or GST. However, there are certain items on which excise duty is still charged. For example, alcohol, tobacco, and fuel.

Detailed explanation-3: -The correct option is B indirect taxes.

Detailed explanation-4: -Excise duty is a tax on manufacture or production of goods. Excise duty is levied on goods/products like gasoline, tobacco, and alcohol. Q. Excise duty tax is levied on the .

Detailed explanation-5: -excisable goods means any goods or services subject to this Chapter, and includes: air transport services; alcohol products; insurance services; fuel; telecommunication services; and tobacco products.

There is 1 question to complete.