Question

Consider the following statements with reference to indirect taxes in Budget 2020.

1. Custom duty was raised on footwear from  25% to 35% and on furniture goods from 20% to 25%.

2. Basic customs duty on imports of newsprint and light  - weighted coated paper was reduced  from 10% to 5%.

Which of the statements given above is/are correct?

A Neither 1 nor 2 Correct Answer Incorrect Answer
B Only 2 Correct Answer Incorrect Answer
C Only 1 Correct Answer Incorrect Answer
D Both 1 and 2 Correct Answer Incorrect Answer

Solution

The correct answer is D

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