Which of the following does NOT come under the purview of 'paper taxes'?
Excise tax
The correct answer is Excise tax.
Potential for tax evasion or avoidance through asset transfer or hiding. Possible negative impacts on capital formation or encouraging capital flight. Administrative complexity and high collection costs relative to revenue generated. Excise taxes, on the other hand, are generally seen as easier to collect as they are levied at specific points in the production or supply chain (e.g., factory gate, import point) and are included in the price paid by the consumer.
Important Questions from Goods and Services Tax (GST)
In the 25th GST Council Meeting, held before the Budget 2018, rates for how many goods have been reduced?
Out of the following. which are not the features of GST 2017 in India.
(A) GST is applicable on 'supply' of Goods and Services.
(B) GST is based on the principle of origin based taxation rather than principle of destination based consumption.
(C) Import of Goods is treated as Inter-State supplies and would be subject to IGST in addition to applicable Custom Duties.
(D) It is a dual taxation with Centre and State simultaneously levying it on a common base.
(E) GST is applicable to all Goods and Services without any exemptions.
Choose the correct answer from the options given below:
- Since December 2022, the functions of the National Anti-Profiteering Authority established in association with GST reforms have been transferred to which body in India?
- Uninterrupted and seamless chain of Input Tax Credit (ITC) is a mechanism to avoid cascading of taxes in which of the following taxes?
Under which Amendment Act of Indian Constitution GST is introduced?
