Consider the following statements in the light of Budget 2018 19 1 Government proposed to impose a S...........

Economic Affairs Public Finance and Debt Management

Consider the following statements in the light of Budget 2018-19

1.Government proposed to impose a Social Welfare Surcharge on imported goods to provide for social welfare schemes.

2.It also proposed to impose the Education Cess and Secondary and Higher Education Cess on imported goods.

3.The Budget proposes to change the name of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC).

Which of the statement given above is/are incorrect?

1 only

2 only

2 and 3 only

1 and 2 only

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Explanation:

2 only

The statement about the imposition of a Social Welfare Surcharge on imported goods is correct. The government did propose to impose a Social Welfare Surcharge on imported goods to provide for social welfare schemes.

The statement about the imposition of the Education Cess and Secondary and Higher Education Cess on imported goods is incorrect. The Education Cess and Secondary and Higher Education Cess are not imposed on imported goods; rather, they are levied on income tax.

The statement about changing the name of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC) is correct. The Budget proposed to change the name of CBEC to CBIC.