KBC Offline Quiz (November 15, 2021): In India, in which year was the Service tax first introduced?
1996
1998
1994
1990
Answer: 1994
The Service
Tax was introduced in India around 27 years back on July 1, 1994 at the
recommendations of Dr. Raja Chelliah Committee on tax reforms. The introduction
of this levy in India can be termed as milestone in Indian Tax history.
This is also
an indicator of foresightedness and thoughtfulness of the reformers, economists
and the government of India. The tax collection figures themselves state the
success story of service tax. Some of the tax collection data are given
hereunder:
On July 1,
1994, the service tax was introduced on 3 services only. These were Telephone
Services, Non-Life Insurance Services and Stock Brokers’ Services. From July 1,
2012, the concept of Negative List Regime has been introduced. Meaning thereby
that all the services, other than those mentioned in the Negative List (as per
Section 66D of the Finance Act, 1994 as enacted by the Finance Act, 2012) are
liable to service tax if not specifically exempted otherwise.
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13: The Kala Ghoda Arts Festival is associated with which of the following
cities?
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13: Which Bollywood personality has been honoured with the Meryl Streep Award
for Excellence?
KBC
13: Which state has the lowest per capita income?
KBC
13: Where was the Imperial Forest Research Institute set up in 1906?
KBC
13: As a waterfall retreats upstream, it creates a feature called?
KBC
13: Which of the following author writes in the Kannada language?
