Multiple Choice Questions on Consider the following statements 1 Tax expen........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following statements 1 Tax expen...........

Economic Affairs Tax System
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    Consider the following statements:

    1.            Tax expenditure refers to revenue foregone as a result of exemptions and concessions

    2.            Tax Buoyancy is a measure of revenue growth in response to growth in GDP

    3.            Central Sales Tax is levied, collected and appropriated by central government

    4.            Direct Taxes help in income redistribution

    Select the correct answer using the codes given below.

     1, 2, 4 correct

    Correct Answer

    2, 3, 4 correct

    Incorrect Answer

    1, 3, 4 correct

    Incorrect Answer

     All the above

    Incorrect Answer
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    Explanation:

    Sales tax in case of Inter-state trade of goods now a part of IGST/ SGST(except newspapers) is levied and collected by the centre but such proceeds are assigned to states.

    By: Kritika Kaushal
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