UPSSSC Junior Assistant 2020 (4 Jan Shift 2)
The Taxation Laws Amendment Act, 2017 replaced Clean Energy Cess with ______.
Answer (Detailed Solution Below)View answer ▾Hide ▴
Answer: Option C — GST Compensation Cess
Detailed Solution
The Taxation Laws (Amendment) Act, 2017 abolished the Clean Energy Cess and replaced it with the GST Compensation Cess, so the answer is (C). The Clean Energy Cess was imposed on coal in 2010 and rose from 50 rupees to 400 rupees per tonne. When GST came into force on 1 July 2017 this cess was removed, and coal now carries the compensation cess under the GST (Compensation to States) Act, 2017, which made good the states' revenue loss for five years. No levies named 'Clean Air Cess', 'Environment Cess' or 'Sustainability Compensation Cess' exist under this Act. The Swachh Bharat Cess and Krishi Kalyan Cess also ended when GST arrived.
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Budget, Fiscal Policy & Taxation — Preparation
This question tests your understanding of Budget, Fiscal Policy & Taxation, a key topic in the General Knowledge section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.
This topic covers the Union Budget and fiscal policy: revenue and capital budgets, types of deficits (fiscal, revenue and primary), the FRBM Act, direct and indirect taxes, the Goods and Services Tax (GST) and the GST Council, and the role of the Finance Commission. Common questions ask how each deficit is defined, which article covers the annual financial statement (Article 112), which taxes GST replaced, and the difference between direct and indirect taxes. GST was introduced on 1 July 2017 through the 101st Constitutional Amendment. Budget figures change every year, so check recent numbers in current affairs. Practise the budget, fiscal policy and taxation questions below, written in the style of the general awareness sections of exams such as SSC, banking, railways, CUET GAT, MAH CET and CLAT. Each question comes with a detailed explanation that adds related facts, so every question helps you revise more than one point.