Podcast
Questions and Answers
What is the primary difference between Direct taxes and Indirect taxes?
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?
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?
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?
Which tax is considered more challenging in terms of collection?
What is the main tax example provided for Direct tax in the text?
What is the main tax example provided for Direct tax in the text?
Which tax reform is highlighted in the text as one of the biggest indirect tax reforms in recent times in India?
Which tax reform is highlighted in the text as one of the biggest indirect tax reforms in recent times in India?
What was the primary motivation behind introducing GST in India?
What was the primary motivation behind introducing GST in India?
When was the idea of introducing GST in India first discussed?
When was the idea of introducing GST in India first discussed?
Which committee was chosen to work on the implementation of GST, and why?
Which committee was chosen to work on the implementation of GST, and why?
What was the initial target date announced for the introduction of GST in India?
What was the initial target date announced for the introduction of GST in India?
Which bill was introduced in the parliament to incorporate provisions of GST?
Which bill was introduced in the parliament to incorporate provisions of GST?
On what date was GST officially rolled out in India?
On what date was GST officially rolled out in India?
