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Difference Between Direct Taxes and Indirect Taxes - BBA II Yr. ITL Unit I

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Difference Between Direct Taxes and Indirect Taxes - BBA II Yr. ITL Unit I

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Questions and Answers

What is the primary difference between Direct taxes and Indirect taxes?

Direct taxes are paid by end-consumers, while Indirect taxes are paid by individuals and businesses.

Direct taxes are levied on income or profit, while Indirect taxes are levied on goods and services. (correct)

Direct taxes are transferable, but Indirect taxes are non-transferable.

Direct taxes have a fixed rate set by the government, while Indirect taxes have rates based on income and profits.

Which statement accurately describes the nature of Direct taxes?

Direct taxes are paid indirectly by the government.

Direct taxes are progressive, meaning they increase with an increase in income. (correct)

Direct taxes are regressive, with a fixed rate for all taxpayers.

Direct taxes are easier to collect compared to Indirect taxes.

How does the course of payment differ between Direct taxes and Indirect taxes?

Direct taxes are paid by the government to individuals and businesses, while Indirect taxes are paid by end-consumers.

Direct taxes have fixed rates of payment set by taxpayers, while Indirect taxes have rates based on profits.

Taxpayers pay Direct taxes directly to the government, while Indirect taxes are indirectly paid to the government. (correct)

Taxpayers pay both Direct and Indirect taxes indirectly to government entities.

Which tax is considered more challenging in terms of collection?

Direct tax Signup and view all the answers

What is the main tax example provided for Direct tax in the text?

I-Tax Signup and view all the answers

Which tax reform is highlighted in the text as one of the biggest indirect tax reforms in recent times in India?

GST implementation Signup and view all the answers

What was the primary motivation behind introducing GST in India?

All of the above Signup and view all the answers

When was the idea of introducing GST in India first discussed?

Both A and B Signup and view all the answers

Which committee was chosen to work on the implementation of GST, and why?

An empowered committee of state finance ministers, due to their experience with State VAT Signup and view all the answers

What was the initial target date announced for the introduction of GST in India?

April 1, 2010 Signup and view all the answers

Which bill was introduced in the parliament to incorporate provisions of GST?

The Constitution (115th Amendment) Bill, 2011 Signup and view all the answers

On what date was GST officially rolled out in India?

July 1, 2017 Signup and view all the answers