Which of the following is an example of a Direct Tax?
Wealth tax
The correct answer is Wealth tax.
Indirect taxes, like GST or Customs Duty, tend to be regressive or proportional in effect, as everyone pays the same rate regardless of their income level when consuming a taxed good or service. In India, the Goods and Services Tax (GST) subsumed many indirect taxes like Service Tax, Central Excise Duty, VAT, etc., to create a unified tax system. Direct taxes, like Income Tax, continue to be administered separately.
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Important Questions from Economy
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
