VAT- Legislative Background, 10 Question Quiz!
VAT was introduced in 2003 but its background was from 1992. Many countries in the world have implemented this type of concession. Implementation of this concepts was very successful as it helped to avoid many defects of existing taxation on sale of goods.
Various committees were formed. The discussion was so long and it has taken more than a decade to come into picture. No doubt, this taxation reform has helped the economy in various ways by eliminating various hurdles in ease of business but still its not perfect reform.
Here is a quiz to check your knowledge on legislative background of VAT!
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Question 1 of 9
1. Question1 points
Tax reform committee for VAT in 1992 was headed byCorrect
Tax reform committee for VAT in 1992 was headed by Dr. Raja J. Chelliah.Incorrect
Question 2 of 9
2. Question1 points
First state to implement VAT in India isCorrect
First state to implement VAT in India is Haryana in 2003.Incorrect
Question 3 of 9
3. Question1 points
Justification of VAT and the background is described in which part of white paperCorrect
Justification of VAT and the background is described in which part of white paper Part 1.Incorrect
Question 4 of 9
4. Question1 points
VAT was first introduced in India inCorrect
VAT was first introduced in India in 4/1/2003 in Haryana.Incorrect
Question 5 of 9
5. Question1 points
White Paper for VAT havingCorrect
white paper on VAT have 3 part.
Which of the following agency was appointed as the Nodal Agency to work out the modalities of VAT? Ministry of Finance National Institute for Revenue National Institute of Public Finance and Policy National Institute for Taxation Reform 3 National Institute of Public Finance and Policy was appointed as the Nodal Agency to work out the modalities of VAT.
The Empowered Committee of the State Finance Ministers constituted by the Ministry of Finance, GovernmentIncorrect
Question 6 of 9
6. Question1 points
of India, Who brought white paper on VAT was headed by”Correct
The Empowered Committee of the State Finance Ministers constituted by the Ministry of Finance, Government
of India, Who brought white paper on VAT was headed by Dr. Asim Dasgupta.Incorrect
Question 7 of 9
7. Question1 points
Last State to implement VAT isCorrect
Up was the last state to implement Vat in 2008.Incorrect
Question 8 of 9
8. Question1 points
Value added tax (VAT) is levied by the Central Government.Correct
VAT is levied by State Governments.Incorrect
Question 9 of 9
9. Question1 points
Main reason behind introduction of VAT isCorrect
Main reason behind introduction of VAT is elimination of cascading effect.Incorrect