ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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House tax
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Entertainment tax
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Service tax
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Value Added tax
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Detailed explanation-1: -Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax.
Detailed explanation-2: -The correct answer is Wealth tax.
Detailed explanation-3: -Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
Detailed explanation-4: -While the government imposes direct taxes on income and gains, indirect taxes are imposed on the consumption of goods and services. Unlike direct taxes, indirect taxes are generally collected from the end consumer through an intermediary. The intermediary is then responsible to pass on the tax to the government.
Detailed explanation-5: -Income tax. It is based on one’s income. Transfer taxes. The most common form of transfer taxes is the estate tax. Entitlement tax. This type of direct tax is the reason why people enjoy social programs like Medicare, Medicaid, and Social Security. Property tax. Capital gains tax.