Discussion
Identify the sequence of implementation of the following taxes.
Select the correct answer from the given codes :
I. Land Revenue
II. Sales tax
III. MODVAT
IV. Service tax
Answer: A
The sequence of the taxes is land revenue, sales tax, MODVAT and service tax, which is I, II, III, IV, option A. Land revenue is the oldest tax in India. Sales tax was levied by the provinces in the 1930s and 1940s. MODVAT, the modified value added tax on inputs, was brought in on the central excise in 1986, and service tax was introduced in 1994. Options B, C and D put service tax or MODVAT before sales tax or land revenue, so they are wrong.
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