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Which of the following is an indirect tax in India?
Income Tax
Corporate Tax
Goods and Services Tax (GST)
Wealth Tax
Goods and Services Tax (GST)
Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services across India, replacing multiple cascading taxes previously levied by the central and state governments. Unlike direct taxes whose burden cannot be shifted, indirect taxes like GST are ultimately borne by the final consumer.
Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services across India, replacing multiple cascading taxes previously levied by the central and state governments. Unlike direct taxes whose burden cannot be shifted, indirect taxes like GST are ultimately borne by the final consumer.
Introduced via the 101st Constitutional Amendment Act, 2016, which inserted Article 279A establishing the GST Council.
GST is a destination-based comprehensive consumption tax.
It subsumed various indirect taxes including Central Excise Duty, Service Tax, and Value Added Tax (VAT).
Income Tax, Corporate Tax, and Wealth Tax are classified as direct taxes.
Option A (Income Tax) is a direct tax levied by the central government on individuals and Hindu Undivided Families.
Option B (Corporate Tax) is a direct tax levied on the net income or profit of corporations.
Option D (Wealth Tax) was a direct tax levied on the net wealth of individuals, Hindu Undivided Families, and companies, which was abolished in India via the Finance Act, 2015.
C is correct тАФ Goods and Services Tax (GST) is an indirect tax where the incidence of tax is shifted from the manufacturer to the ultimate consumer.
In Indian Economy questions, always distinguish between direct and indirect taxes, as exams frequently test the constitutional provisions and amendments related to tax structures.
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