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Under the agreement mentioned in the paragraph, India will be offering preferential access on over 70% of its tariff lines, which will be provided under which of the following Act? Statements: 1. Customs Tariff Act 2. IGST 3. Customs and Excise Act

1. Only 1
2. Both 1 & 2
3. Only 3
4. All 1, 2 & 3

Correct answer: Only 1

Solution

Preferential access on tariff lines is administered under the Customs Tariff Act, which deals with customs duties and tariff schedules. IGST is related to indirect taxation on inter-state supply and imports, while the Customs and Excise Act is not the relevant law here.

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