Question : Which of the following is not an indirect tax?
Option 1: Excise tax
Option 2: Goods and services tax
Option 3: Customs duty
Option 4: Wealth tax
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Correct Answer: Wealth tax
Solution : The correct answer is a Wealth tax.
Wealth tax is not considered an indirect tax; rather, it is a direct tax. The distinction between direct and indirect taxes lies in how they are imposed and who bears the ultimate economic burden of the tax.
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Question : Which of the following is an indirect tax?
Option 1: Capital gains tax
Option 3: Wealth tax
Option 4: Gift tax
Question : Which of the following sets of taxes belongs to the Central Government?
Option 1: Excise duty, sales tax and custom duty
Option 2: Income tax, custom duty and house tax
Option 3: Excise duty, custom duty and income tax
Option 4: Custom duty, entertainment tax, and income tax
Question : In India, which of the following taxes is levied by the state government?
Option 1: Excise duty on liquor
Option 2: Capital gains tax
Option 3: Customs tax
Option 4: Corporation tax
Question : Which among the following is the tax levied by the center and not shared with states?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Corporation tax
Option 4: Income tax
Question : Tax on inheritance is called
Option 1: Excise duty
Option 2: Estate duty
Option 3: Gift tax
Option 4: Sales tax
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