Multiple Choice Questions on An advalorem duty is a tax on the basis of........ for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

An advalorem duty is a tax on the basis of........

Economic Affairs Tax System
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    An advalorem duty is a tax on the basis of

    the price of a commodity

    Correct Answer

    the unit of a commodity

    Incorrect Answer

    the advertisement expenditure

    Incorrect Answer

    the value added

    Incorrect Answer
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    Explanation:

    An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The most common ad valorem taxes are property taxes levied on real estate. However, ad valorem taxes may also extend to a number of tax applications, such as import duty taxes on goods from abroad. Hence option 1st is correct.

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    Noorbir Singh

    in earlier questions A option was given as answer?

    0 0 reply

    Sahil rana

    value of property or transaction is not same as value added. I think option 1 is better suited than option 4

    0 0 reply
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