ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a tax
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a subsidy
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an input
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a regulation
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Detailed explanation-1: -This is called GST or the Goods and Services Tax. GST: This is a consumption tax that is levied on the supply of services and goods in India. Every step of the production process of any goods or value-added services is subject to the imposition of GST.
Detailed explanation-2: -The Excise duty is a tax on production/manufacture of goods within the country.
Detailed explanation-3: -Sales Tax is a form of tax paid to a governing body for the sale of goods and services. Sales tax is an indirect tax and is generally charged at the point of buy or exchange of certain taxable goods, charged as a percentage of the value of the product.
Detailed explanation-4: -When supply is more elastic than demand, the tax burden falls on the buyers. If demand is more elastic than supply, producers will bear the cost of the tax.
Detailed explanation-5: -A few examples of indirect taxes in India include service tax, central excise and customs duty, and value added tax (VAT).