Question : The liability to pay the tax and the actual burden of which of the following taxes lie on two different persons?
Option 1: Corporation tax
Option 2: Income tax
Option 3: Capital gains tax
Option 4: Goods and services tax
Correct Answer: Goods and services tax
Solution : The correct answer is the Goods and services tax.
Indirect tax refers to the tax which is imposed on one person but is paid partly or wholly by another. Thus, these taxes' impact and incidence are on different persons. GST (Goods and services tax) is an example of this indirect tax.
GST was introduced by the Government of India to boost the economic growth of India. It was introduced in 2017 to save time, cost and effort. The power to make any changes in the GST law is in the hands of the GST council, which the Finance Minister of India chairs.
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Question : Which of the following taxes is proportional in nature?
Option 1: Capital Gains Tax
Option 2: Income Tax
Option 3: Corporation Tax
Option 4: Goods and Services Tax
Question : Which of the following is an indirect tax?
Option 1: Death duty
Option 2: Interest tax
Option 3: Goods and services tax
Option 4: Capital gains tax
Option 1: Capital gains tax
Option 2: Excise duty
Option 3: Wealth tax
Option 4: Estate duty
Question : Which of the following may be classified as a 'Pigouvian tax'?
Option 1: Income tax
Option 2: Carbon tax
Option 3: Corporate tax
Option 4: Long term capital gain tax
Question : The Goods and Services Tax (GST) – which has replaced the Central and State indirect taxes such as VAT, excise duty, and service tax in India – was implemented on:
Option 1: 1 July 2017
Option 2: 15 August 2017
Option 3: 15 September 2017
Option 4: 2 October 2017
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