Page 68 - COMBINED QUESTIONS AND ANSWERS - EDITION 2019 - PART II_Neat

COMPENSATION CESS
Q-239: Compensation cess is levied on
(i) Certain luxury goods
(ii) Demerit goods
(iii) Certain luxury and demerit goods
(iv) None of the above
A-239: iii - Certain luxury and demerit goods
Q-240: The goods covered under Compensation Cess

A-240: (i) Pan masala
(ii) Tobacco, tobacco products, and tobacco substitutes
(iii) Coal and solid fuels that are made from coal
(iv) Aerated waters
(v) Motor cars
(vi) Motor vehicles designed to transport 10 or more people
Q-241: The validity period of Compensation Cess is
(i) Five years from the introduction
(ii) Ten years from the introduction
(iii) Twelve years from the introduction
(iv) None of the above
A-241: i - Five years from the introduction
Q-242: Compensation Cess is calculated based on
(i) The value of the product without IGST
(ii) The value of the product with IGST

(iii) The value of the product with or without IGST
(iv) None of the above
A-242: i - The value of the product without IGST
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