Multiple choice

Which of the following statements is/are correct regarding the Budget 2012-13?

  1. 12% excise duty imposed on branded retail garments.
  2. 5% customs duty exempted on equipment for fertilizer plants.
  3. Cuts customs duty on rail equipment to 5% from 10%.

  1. 1 and 2

  2. 1 and 3

  3. 2 and 3

  4. 1, 2, and 3
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statement 1 is correct: 12% excise duty was imposed on branded retail garments (raised from 10%). Statement 2 is correct: 5% customs duty exemption was granted on equipment for fertilizer plants. Statement 3 is incorrect: customs duty on rail equipment was reduced to 5%, but this was from 10%, making it a reduction, not a cut to 5% from 10%. Only statements 1 and 2 are correct.

Keep practicing — related questions