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Taxation Basics Quiz

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Questions and Answers

What are the two main categories into which taxes are broadly divided?

Direct tax and indirect tax

What is the main difference between direct tax and indirect tax?

Direct tax is levied directly on income, while indirect tax shifts the burden to consumers of goods and services.

Give an example of a direct tax.

Income tax and wealth tax

What is the tax law that replaced various indirect taxes in India from July 1st, 2017?

Goods and Services Tax (GST) 2017 Signup and view all the answers

How are indirect taxes different from direct taxes in terms of who bears the burden?

In indirect taxes, the burden is shifted to the consumers of goods and services, while in direct taxes, the burden falls directly on the taxpayer. Signup and view all the answers

What is the primary purpose of taxes levied by the government?

To finance the welfare programs and policies of the government Signup and view all the answers

What is the key distinction between direct and indirect taxes as described in the text?

Direct taxes are levied on the income of the person, while indirect taxes are levied on the consumption of goods and services. Signup and view all the answers

Which of the following is NOT an example of a direct tax mentioned in the text?

Service tax Signup and view all the answers

What was the name of the tax law that replaced various indirect taxes in India from July 1st, 2017?

Goods and Services Tax (GST) Signup and view all the answers

What is the key characteristic of indirect taxes?

The burden of the tax is shifted to the person who consumes the goods and services. Signup and view all the answers