SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1991
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1999
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1994
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2001
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Detailed explanation-1: -Service tax had been first levied at a rate of five per cent flat from 1 July 1994 till 13 May 2003, at the rate of eight per cent flat w.e.f 1 plus an education cess of 2% thereon w.e.f 10 September 2004 on the services provided by service providers.
Detailed explanation-2: -It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994.It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service provider pays the tax and recovers the amount from the recipient of taxable service.
Detailed explanation-3: -The correct answer is 1994-95. Service tax in India was introduced in the year 1994-95. Service tax: The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.