A trader under composition has turnover of Rs 20 lakh. At half per cent, what is the tax?
ARs 1,000
BRs 20,000
CRs 5,000
DRs 10,000
Answer & Solution
Correct answer: D. Rs 10,000
Half per cent of Rs 20,00,000 equals Rs 10,000.
Keep practising Levy and Collection of Tax
Browse all Levy and Collection of Tax questions for CA Inter, or explore more Taxation topics.
Related questions
On which date was the sunset for new anti-profiteering complaints set?Anti-profiteering under GST was established through which section of the CGST Act?What does the Revenue Neutral Rate (RNR) represent?Who headed the committee set up to design a GST model under Prime Minister Vajpayee?What indirect tax reform did V. P. Singh begin in 1986?States were assured compensation for GST revenue loss for how many years?Who presides over the GST Council?Which of these is outside GST and taxed separately?