Question : Which among the following is the tax levied by the center and not shared with states?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Corporation tax
Option 4: Income tax
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Correct Answer: Corporation tax
Solution : The correct option is Corporation tax.
The Union Government, as the central authority, sets the tax rates and regulations governing corporation tax. The revenue collected from corporation tax contributes to the central government's funds, supporting a range of national-level endeavours, including infrastructure projects, defence, and other essential functions of the central administration.
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Question : Which of the following sets of taxes belongs to the Central Government?
Option 1: Excise duty, sales tax and custom duty
Option 2: Income tax, custom duty and house tax
Option 3: Excise duty, custom duty and income tax
Option 4: Custom duty, entertainment tax, and income tax
Question : In India, which of the following taxes is levied by the state government?
Option 1: Excise duty on liquor
Option 2: Capital gains tax
Option 3: Customs tax
Option 4: Corporation tax
Question : Tax on inheritance is called
Option 1: Excise duty
Option 2: Estate duty
Option 3: Gift tax
Option 4: Sales tax
Question : Which of the following is not an indirect tax?
Option 1: Excise tax
Option 2: Goods and services tax
Option 3: Customs duty
Option 4: Wealth tax
Question : Which of the following taxes is levied by the state government only?
Option 1: Wealth tax
Option 2: Entertainment tax
Option 3: Income tax
Option 4: Gift tax
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