GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Direct Tax
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Indirect Tax
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Tax imposed by central government
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Tax imposed by state government
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Detailed explanation-1: -An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST), excise, consumption tax, tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased.
Detailed explanation-2: -Direct taxes include income taxes, property taxes, and taxes on assets. There are also indirect taxes, such as sales taxes, wherein a tax is levied on the seller but paid by the buyer.
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.