INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the type of tax that businesses are required to collect from customers when they purchase certain goods or services:
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Estate
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Income
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Sales
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Corporate
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Explanation:
Detailed explanation-1: -GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc.
Detailed explanation-2: -An indirect tax is collected by one entity in the supply chain, such as a manufacturer or retailer, and paid to the government; however, the tax is passed onto the consumer by the manufacturer or retailer as part of the purchase price of a good or service.
Detailed explanation-3: -The correct answer is Land Revenue. Land Revenue is the tax that can be collected only by the state.
There is 1 question to complete.