BBA 1st Year Business Environment FEMA Short Question Answer

Sources of Revenue for the State

The following are the sources for revenue for the state:

1. Land revenue, including the assessment and collection of revenue, the maintenance or land records, survey of revenue purposes and records of rights and alienation of revenue.

2. Taxes on agricultural income.

3. Duties in respect of succession to agricultural land.

4. Estate duties in respect of agricultural land.

5. Taxes on lands and buildings.

6. Taxes on mineral rights, subject to any limitation imposed by parliament by law related to mineral development.

7. Duties of excise on the following goods manufactured elsewhere in India:

(a) Alcoholic liquors for human consumption.

[b) Optimum and other narcotic drugs.

(c) Taxes on the entry of goods in a local area for consumption, use or sale there in. 8. Taxes Oil Consumption or sale of electricity.

9. Taxes on the sale or purchase of goods (other than newspapers) taxes on vehicle, whether mechanically propelled or not, used on roads.

10. Taxes on animals and boats.

11. Tolls

12. Taxes on profession, trades and employment.

13. Capitation taxes.

14. Taxes on luxury items, including entertainment parks, betting and gambling.

15. Rates of stamp duty in respect of documents other than those specified.

16. Fee in respect of any of the matters in this list but not include fees taken in any court.

17. Fisheries.

18. Forests.

19. Irrigation, water-storage and water power.

Concurrent List

1. The maifi revenue items in the concurrent list under the Constitution are included rates of stamp duty.

2. Fees in respect of any of the matter in this list but not including fees taken in any court.

Q. 5. Discuss the EXIM policy with the salient features and the modifications made in it.

Ans. Union commerce minister announced the new EXIM policy on 31st March 1997. This new EXIM policy came into force on April 1997 and was effective for the next 5 years.

The Salient Features of EXIM Policy (1997-02)

Various salient features of EXIM policy [1997-2002] are as under:

1. Reduction iii operation complexities.

2. Import liberalization of 542 goods (including 10% consumer items) enlisted in restricted list.

3. Removal Of VABAL.

4. Introduction of BEPS ‘by modifying pass book scheme.

5. Reduction of import duty EPCG from 15% to 10%.

6. Under zero duty scheme, the threshold limit for agriculture and allied sectors reduced from Z
20 crore to 5 crore.

7. Extending the benefit of EPCG having zero import duty to service sector also.

8. Double weightage to agricultural export while deciding the eligibility of trading houses and star houses. This benefit will also be available to all exports from north-east states.

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