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Infrastructure Cess Tax Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM TAX INTERVIEW QUESTIONS INFRASTRUCTURE CESS TAX INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Infrastructure Cess Tax Interview Questions & Answers - Learning Mode

New Infrastructure cess on car and utility vehicle imposed recently in budget 2016. 1% infrastructure cess is applicable on petrol/LPG/CNG-driven motor vehicles of length not exceeding 4 meters and engine capacity not exceeding 1200cc. 2.5% cess on diesel motor vehicles of length not exceeding 4 meters and engine capacity not exceeding 1500cc and 4% cess is applicable on big sedans and SUVs.

Try Infrastructure Cess Tax Interview Questions & Answers - Exam Mode

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Infrastructure Cess Tax Interview Questions & Answers - Learning Mode
Try Infrastructure Cess Tax Interview Questions & Answers - Exam Mode
Question: What is the rate at which Infrastructure Cess is charged?

Answer: Infrastructure Cess is imposed at the following rates:-

a) 1% on Petrol/LPG/CNG driven motor vehicles of length not exceeding 4m and engine capacity not exceeding 1200cc.

b) 2.5 % on Diesel driven motor vehicles of length not exceeding 4m and engine capacity not exceeding 1500cc.

c) 4% on all categories of motor vehicles other than those exempted. Source: CoolInterview.com
Question: How much income government is expecting from Infrastructure Cess?

Answer: The government has projected that it would collect an aggregate of Rs 3,000 crore through Infrastructure Cess in the financial year 2016-17. Source: CoolInterview.com
Question: What are various Legal Provisions under which Infrastructure Cess is levied?

Answer: Infrastructure Cess was announced in the Union Budget, 2016-17. A legal provision was made through the Finance Bill, 2016 (Chapter VII, clause 159) for levying the Cess @4%.

On 1 March 2016, Central Board of Excise and Customs notified the exemptions / concessionary rates at which infrastructure cess is to be levied on certain motor vehicles falling under Tariff Heading 87.03 of the Central Excise Tariff Act, 1985.

Finance Bill defines infrastructure cess as a duty of excise levied Source: CoolInterview.com
Question: What is the expected effect of Infrastructure Cess?

Answer: According to industry estimates, as a result of Infrastructure cess, the increase in prices could range from Rs 2,500 on entry level small cars such as Maruti Alto or Tata Nano and can go over Rs. 1 lakh on high-end vehicles which are priced above Rs. 30 lakh. Source: CoolInterview.com
Question: Can we avail Tax credit for the Infrastructure Cess paid?

Answer: No credit of Infrastructure Cess will be available nor credit of any other tax or duty be utilized for paying Infrastructure Cess. Source: CoolInterview.com
Question: What do you mean by Infrastructure Cess Tax?

Answer: Infrastructure Cess is a levy/tax imposed by the Union Government on the production of vehicles, at the rate of 1% on small petrol, LPG, CNG (gas based) cars, 2.5% on Diesel Cars of certain capacity and 4% on other higher engine capacity vehicles and Sports Utility Vehicles (SUVs), for the purposes of financing infrastructure projects.

Infrastructure cess has come into effect from 1 March 2016. No credit of this Cess will be available nor credit of any other tax or duty be utilized for pa Source: CoolInterview.com
Question: What are the exemptions provided in law under Infrastructure Cess?

Answer: Infrastructure Cess is exempted for certain motor vehicles such as three wheelers, electric vehicles, hydrogen /fuel cell based vehicles, vehicles certified to be used for physically challenged/ differently abled persons etc.

Further, this is also exempted for other public utility transport vehicles like buses (which transport more than 10 persons) and cars /vehicles which are registered solely for serving as taxis or as ambulances. Source: CoolInterview.com

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