BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tax on material goods owned.
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tax levied on the retail pruce of goods and services
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tax on oil
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none of the above
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Detailed explanation-1: -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-2: -Value-added tax (VAT) and goods and services tax (GST) are similar taxes that are levied on the sale of goods and services. Both VAT and GST are also indirect taxes, which means that they are collected by businesses and then passed on to the government as part of the price of the goods or services.
Detailed explanation-3: -Sales Tax is levied by the Central Government as well as State Governments. It is decided by the Central Government basis its tax policies.
Detailed explanation-4: -There is only one indirect tax levied by the government currently. 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-5: -noun. a tax on receipts from sales, usually added to the selling price by the seller.