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Q. |
Excise duty on a commodity is payable with reference to its - |
A. | production |
B. | production and sale |
C. | production and transportation |
D. | production, transportation and sale |
Answer» A. production | |
Explanation: An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold, within a country or licenses for specific activities. Excises are distinguished from customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties arc border taxes. |
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