Q. Which of the following is/are production taxes?
1.Tax on profession
3.Stamps and registration fees
Choose the correct answer from below given codes:
Explanation: Production taxes or production subsidies are paid or received with relation to production and are independent of the volume of actual production.
- Some examples of production taxes are land revenues, stamps and registration fees and tax on profession.
- Some production subsidies are subsidies to Railways, input subsidies to farmers, subsidies to village and small industries, administrative subsidies to corporations or cooperatives, etc.
- Product taxes or subsidies are paid or received on per unit of the product.
Source: TMH Ramesh Singh