Questions and Answers
What is the primary difference between Direct taxes and Indirect taxes?
Direct taxes are levied on income or profit, while Indirect taxes are levied on goods and services.
Which statement accurately describes the nature of Direct taxes?
Direct taxes are progressive, meaning they increase with an increase in income.
How does the course of payment differ between Direct taxes and Indirect taxes?
Taxpayers pay Direct taxes directly to the government, while Indirect taxes are indirectly paid to the government.
Which tax is considered more challenging in terms of collection?
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What is the main tax example provided for Direct tax in the text?
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Which tax reform is highlighted in the text as one of the biggest indirect tax reforms in recent times in India?
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What was the primary motivation behind introducing GST in India?
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When was the idea of introducing GST in India first discussed?
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Which committee was chosen to work on the implementation of GST, and why?
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What was the initial target date announced for the introduction of GST in India?
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Which bill was introduced in the parliament to incorporate provisions of GST?
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On what date was GST officially rolled out in India?
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