ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Features of a tax system include all of the following EXCEPT:
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Fairness
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Simplicity
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Certainty
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Equal taxes on exports
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Explanation:
Detailed explanation-1: -The main characteristic features of a tax are as follows: (1) A tax is a compulsory payment to be paid by the citizens who are liable to pay it. Hence, refusal to pay a tax is a punishable offence. (2) There is no direct quid-pro-quo between the tax payers and the public authority.
Detailed explanation-2: -The export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services.
Detailed explanation-3: -Detailed Solution. The correct answer is MAT. Minimum Alternate Tax (MAT) is a provision in direct tax laws.
There is 1 question to complete.