MANAGEMENT

Detailed explanation-1: -The most consequential type of consumption tax is the value-added tax (VAT).

Detailed explanation-2: -Typical examples of excise duties are taxes on gasoline and other fuels and taxes on tobacco and alcohol (sometimes referred to as sin tax).

Detailed explanation-3: -An excise tax is a legislated tax on specific goods or services at the time they are purchased. Goods subject to excise taxes could be fuel, tobacco, and alcohol, among others. Excise taxes are intranational taxes imposed within a government infrastructure rather than international taxes imposed across country borders.

Detailed explanation-4: -An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).