Which of the following is not a tax?

Question

Question

This question was previously asked in

APPSC Group 2 Prelims Official Paper 2 (Held On: 5 May 2019)

Answer 1

The correct answer is MAT.

Key Points

Minimum Alternate Tax (MAT) is a provision in direct tax laws.
- In order to bring zero-tax paying companies under the ambit of income tax, to improve accountability, to ensure that companies pay the minimum amount of tax to the government, a scheme called Minimum Alternate Tax was introduced in 1988 by the Government of India. A concept was introduced.
- When the taxable income computed as per I-T provisions is found to be less than 15.5 per cent (surcharge and cess as applicable) minimum alternate tax is levied.
- The tax payable for the financial year, 2019-2020 is calculated at 15% (earlier 18.5%) on a book of profit (cess and surcharge applicable)

Additional Information

Name	Details
GST	Goods and Service Tax is a comprehensive, multistage, destination-based tax. It is an indirect tax used in India on the supply of Goods and Service Tax.
VAT	Value Added Tax is levied on the price of the product or service at each stage of production, distribution, or sale to the end consumer. It is assessed incrementally.