Question
Download Solution PDFWhich of the following is a tax which can be collected only by the state?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Land Revenue.
Key Points
- Land Revenue is the tax that can be collected only by the state.
- The tax is levied and collected by the State government.
- The tax base is the market value of the land.
- The market value, once determined, is applicable for a minimum period of 5 years and a maximum of 10 years.
- The rate of tax varies from 0.5 percent to 1 percent depending on the value of the land.
Additional Information
- The customs duty is a kind of tax levied on imports by customs authorities of a particular country to raise revenue and protect the domestic industry from competitors abroad.
- The custom duty falls under the Central Board of Indirect Taxes which is responsible for all kinds of indirect taxes.
Last updated on Jun 19, 2025
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