DOWNLOAD MOBILE APPLICATION TO LEARN MORE: MCQs ON TAXATION
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: MCQs ON TAXATION
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: MCQs ON TAXATION
Table of Contents
MCQs ON TAXATION
1. VAT is imposed:
(a) Directly on consumer
(b) On final stage of production
(c) On first stage of production
(d) On all stages between production and final sale
Ans. d
2. CENVAT is related to:
(a) Sale Tax
(b) Excise Duty
(c) Custom Duty
(d) Service Tax
Ans. b
3. Corporate tax is imposed by:
(a) State Government
(b) Local Government
(c) Central Government
(d) Both Centre and State Government
Ans. c
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4.Which of the following day has been declared as Income Tax Day?
(a) July 18
(b) July 24
(c) August 16
(d) September 1
Ans. b
5. Which of the following is the reason behind the famous quote of Benjamin Franklin that Taxes are as certain as the death?
(a) They constitute the major source of government revenue
(b) Government have no other source of revenue
(c) Most PSUs are run inefficiently
(d) Government has its own budget constraints
Ans. a
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6.Which of the following is the correct definition of ‘Tax Buoyancy’ in an economy?
(a) Ratio of percentage change in tax revenue to percentage change in GDP
(b) Ratio of change in tax revenue to change in GDP.
(c) Percentage increase in tax revenues as measured from previous year.
(d) Incremental change in tax revenues required to increase the GDP by one percent
Ans. a
7.Direct tax is called direct because it is collected directly from:
(a) The producers on goods produced
(b) The sellers on goods sold
(c) The buyers of goods
(d) The income earners
Ans. d
8.The non-tax revenue in the following is:
(a) Export duty
(b) Import duty
(c) Dividends
(d) Excise
Ans. c
9. According to Section 88 of the Income tax Act, which of these committee praise the abolition on tax rebates?
(a) Chellaiah Committee
(b) Shome Committee
(c) Kelkar Committee
(d) None of the above
Ans. c
10. When Tax revenue is proportional, then in which case tax is said to be buoyant?
(a) More responsive to changes in output
(b) Less responsive to changes in output
(c) Equally responsive to changes in tax base
(d) Less responsive to changes in tax base
Ans. a
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11. What is meant by Tax incidence?
(a) Whether a tax is progressive, proportional or regressive.
(b) How often tax is collected?
(c) The person or group who ends up paying a tax.
(d) How is a tax collected?
Ans. c
12. Which taxes is stated in the jurisdiction of the State Governments as enumerated in List-ll of the Indian Constitution?
(a) Taxes other than stamp duties on transactions in stock exchanges and future markets
(b) Taxes on Railway freight and fares
(c) Taxes on mineral rights subject to any limitation imposed by the parliament
(d) Rate of stamp duty in respect of certain financial documents.
Ans. c
13. The new GST has subsumed:
(a) Entertainment tax
(b) Value-added tax
(c) Union excise duty
(d) All of the above
Ans. d
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14. Which one of the following tax is comes within the jurisdiction of the Central Government as enumerated in List-1 of Seventh Schedule of the Constitution of India?
(a) Taxes on mineral rights subject to any limitation imposed by the Parliament.
(b) Taxes on the consumption and sale of electricity
(c) Taxes on sale and purchase of newspapers and on advertisements therein
(d) Excise on alcoholic liquors for human consumption, opium, Indian hemp and other narcotics.
Ans. c
15. The burden of paying a tax disturbed is called:
(a) Shifting of tax burden
(b) Sharing of the tax
(c) Incidence of a tax
(d) Tax capitalization
Ans. a
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16. When a proportionate increase in tax revenue is proportionate to increase in the tax base is called:
(a) Elasticity of a tax
(b) Buoyancy of a tax
(c) Neutrality of a tax
(d) None of the above
Ans. b
17. The imposition of an import tariff by a large nation:
(a) usually improves the nation’s terms of trade and increases the volume of trade.
(b) worsens the nation’s terms of trade but increases the volume of trade
(c) worsens the nation’s terms of trade and reduces the volume of trade.
(d) usually improves the nation’s terms of trade but reduces the volume of trade.
Ans. d
18. For Industrial growth in future, which industry provides a positive signal for high growth?
(a) Capital goods industries
(b) Basic goods industries.
(c) Durable consumer goods industries
(d) Intermediate goods industries
Ans. a
19. A tax imposed on a commodity according to its weight, size or measurement is called:
(a) Advalorem tax
(b) Specific tax
(c) Single tax
(d) Double taxation
Ans. b
20. Mention the tax within the jurisdiction of Union or Central Government as enumerated in List-I of Schedule VII of the India Constitution?
(a) Taxes on the consumption and sale of electricity
(b) Taxes on goods and passengers carried by road
(c) Taxes on luxuries, including entertainments
(d) Taxes on Sales and purchase of newspapers and on advertisement
Ans. d
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21. What will be the consequence of imposition of tariff?
(a) Deterioration in terms of trade
(b) Improvement in terms of trade
(c) No effect on terms of trade
(d) None of the above
Ans. b
22. A progressive income tax impose that:
(a) the amount of tax falls with a rise in income
(b) the rate of tax rises with a rise in income
(c) Both (a) and (b)
(d) the rate of tax decreases with a rise in income
Ans. b
23. Justify the most important source of revenue of State Governments in India?
(a) Land Revenue
(b) Sales Tax
(c) Stamps and Registration Fees
(d) State Excise Duties
Ans. b
24. Excess burden of tax means:
(a) The net welfare loss from a tax
(b) Very heavy burden
(c) Burden over and above the money burden
(d) Money burden and Real burden
Ans. a
25. When Taxes raised, they are credited into:
(a) Consolidated Fund
(b) Contingency Fund
(c) Public Accounts
(d) Private Accounts
Ans. a
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26. Arrange the following Committees in chronological order from the given codes:
(i) Khusro Committee.
(ii) Dantwala Committee.
(iii) Narasimhan Committee I.
(iv) Kelkar Committee on RRB and its relative Acts.
Codes:
(a) i, ii, iv, iii
(b) i, iv, ii, iii
(c) ii, i, iv, iii
(d) ii, iii, i, iv
Ans. a
27. What is implied if the interest-cover ratio is less than 1?
(a) Firm is safe and there is no risk of insolvency
(b) Firms cash-flows are sufficient to pay their interest cost
(c) Firms cash-flows are insufficient to pay their interest cost
(d) The Firm is making gains from its investment
Ans. c
28. What does letter ‘P’ stands for in the term IEPF?
(a) Protection
(b) Provident
(c) Provision
(d) Preference
Ans. a
29. What percentage of states’ share in the Central taxes has the Fourteenth Finance Commission decided?
(a) 32
(b) 40
(c) 42
(d) 45
Ans. c
30. Which field has been omitted by the Fourteenth Finance Commission to determine the distribution of funds among states?
(a) Forest cover
(b) Population of 1971
(c) Fiscal Discipline
(d) Fiscal Capacity Income Distance
Ans. c
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31. Arrange the following Reports in chronological order from the given codes:
(i) Direct taxes Enquiry Committee Final Report.
(ii) Final Report on Rationalizing and Simplification of the Tax Structure.
(iii) Indian Tax Reforms-Report of a Survey.
(iv) Taxation Enquiry Commission.
Codes:
(a) iv, ii, ii, i
(b) i, ii, iii, iv
(c) iii. i. iv. ii
(d) ii, iii, i, iv
Ans. a
32. Which types of tax helps in reducing disparities of income?
(a) Proportionate tax
(b) Progressive tax
(c) Regressive tax
(d) All of these
Ans. b
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33. Which of the following became the first state to accept e-motor insurance policies?
(a) Telangana
(b) Madhya Pradesh
(c) Gujarat
(d) Maharashtra
Ans. a
34. Find the correct statements about the 14th Finance Commission:
(a) It removed the Special Category States funding
(b) It asked the Government to amend Article 275 (1) to include NE states in the local body funding
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Ans. c
35. Find the correct statements about SDRF:
(1) The Calamity Relief Fund has been renamed as the State Disaster Response Fund by the 13th Finance Commission,
(2) The funding since 2010 had been in the ratio 75:25 between the Union and State Governments respectively for the General category states and 90:10 for the Special category states.
(3) The share of the Union Government category falls under the category ‘Grant-in-Aid’.
(a) Only 1 and 2
(b) Only 1 and 3
(c) Only 2 and 3
(d) 1, 2 and 3
Ans. d
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36. Indicate the sequence of the following in terms of chronology of their implementation:
(1) Income Tax.
(2) Expenditure Tax.
(3) Value Added Tax.
(4) Goods and Services Tax
(a) 1,3,2,4
(b) 1,2,3,4
(c) 2,3,4,1
(d) 3,4,1,2
Ans. b
37. Finance Commission is appointed by the President under the Article:
(a) 256 of Constitution of India
(b) 280 of Coristitution of India
(c) 293 of Constitution of India
(d) 356 of Constitution of India
Ans. b
38. Which tax was abolished in the Budget 2015 and what was brought to replace it?
(a) Fringe Benefit Tax, Cess
(b) Wealth Tax, Cess
(c) Fringe Benefit Tax, Surcharge
(d) Wealth Tax, Surcharge
Ans. d
39. Profit-making PSBs have to pay a minimum dividend of EE. of their equity or EE. of their post-tax profit, whichever is higher to the Government of India.
(a) 15%, 20%
(b) 15%, 15%
(c) 20%, 20%
(d) 20%, 25%
Ans. c
40. Which of the following section of the Income Tax Act mandates linking of Aadhaar with PAN?
(a) 125AA
(b) 132AB
(c) 136BB
(d) 139AA
Ans. d
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41. Which of the following committees had recommended shifting to a January – December Financial Year?
(a) Madhukar Gupta Committee
(b) Shankara Acharya Committee
(c) Partha Mukhopadhyaya Committee
(d) N. K. Singh Committee
Ans. b
42. Which of the following options is/are incorrect with respect to the Twin Balance Sheet Problems?
(a) It will correct itself once growth picks up and interest rates decline
(b) The current measures of the government have yielded good results
(c) Strategic disinvestment, tax reforms and subsidy rationalization are important measures to tackle this problem
(d) All of these
Ans. d
43. According to which article of the Constitution will the GST Council be formed?
(a) 276A
(b) 277A
(c) 278A
(d) 279A
Ans. d
44. Recently a few new countries have joined the BEPS Agreement. What is it related to?
(a) Counter-Terrorism Strategy
(b) Trade Pact
(c) Tax-evasion prevention
(d) Climate Conservation
Ans. c
45. Due to Electoral bonds amendments were made in:
(a) Reserve Bank of India Act, 1934
(b) Representation of People Act, 1951
(c) Both (a) and (b)
(d) No amendments were required
Ans. c
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46. In which year did India abolish the Estate Tax?
(a) 1982
(b) 1983
(c) 1984
(d) 1985
Ans. d
47. Who was the Chairman of the first Taxation Enquiry Commission?
(a) C. D. Deshmukh
(b) Dr. John Matthai
(c) V.K. Krishna Menon
(d) M.O. Mathai
Ans. b
48. In which year was the Indirect Taxation Enquiry Committee constituted under Shri L K Jha?
(a) 1973.
(b) 1974
(c) 1975
(d) 1976
Ans. d
49. In which year was the MODVAT partially implemented?
(a) 1986
(b) 1987
(c) 1988
(d) 1989
Ans. a
50. In which year did India see the comprehensive coverage of MODVAT?
(a) 1994-95
(b) 1995-96
(c) 1996-97
(d) 1997-98
Ans. c
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51. In which year was the Tax Reforms Committee under the Chairmanship of Prof. Raja J. Chelliah appointed?
(a) 1990
(b) 1991
(c) 1992
(d) 1993
Ans. b
52. In which year was the taxation on service by the Union introduced?
(a) 1991
(b) 1992
(c) 1993
(d) 1994
Ans. d
53. Since which year was the negative list approach adopted in Indian taxation?
(a) 2012
(b) 2013
(c) 2014
(d) 2015
Ans. a
54. In which year was the input tax credit scheme for CENVAT and service-tax merged?
(a) 2001
(b) 2002
(c) 2003
(d) 2004
Ans. d
55. Dr. Amaresh Bagchi is also known as the ‘Father of:
(a) MODVAT
(b) CENVAT
(c) VAT
(d) Service Tax
Ans. c
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56. In which year was the report on ‘reform of consumption taxes in India’ published?
(a) 1991
(b) 1992
(c) 1993
(d) 1994
Ans. c
57. Which state was the first to implement VAT?
(a) Madhya Pradesh
(b) Haryana
(c) Punjab
(d) Maharashtra
Ans. b
58. In which year was the report, titled “Reform of Domestic Trade Taxes in India” published?
(a) 1991
(b) 1992
(c) 1993
(d) 1994
Ans. d
59. Which was the first country to implement VAT?
(a) USA
(b) UK
(c) France
(d) Netherlands
Ans. c
60. Which of the following countries has the highest rate of GST?
(a) Malaysia
(b) Hungary
(c) Australia
(d) EU
Ans. b
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61. Which country had scrapped GST just nearly the same time as India started implementing it?
(a) Indonesia
(b) Malaysia
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Ans. b
62. In which year was the integration of Central VAT and State VAT done?
(a) 2002
(b) 2003
(c) 2004
(d) 2005
Ans. d
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63. In which year did the Indian PM introduce the concept of GST for the first time?
(a) 1999
(b) 2000
(c) 2001
(d) 2002
Ans. b
64. In which year did the taskforce on Fiscal Responsibility and Budget Management recommend GST to replace all the erstwhile taxes?
(a) 2003
(b) 2004
(c) 2005
(d) 2006
Ans. b
65. Which year was supposed to be the year from which GST would be applied?
(a) 2008
(b) 2009
(c) 2010
(d) 2011
Ans. c
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66. Who was the Chairman of the Committee that had decided on the Revenue Neutral Rate of the GST?
(a) Arvind Pangariya
(b) Arvind Subramanian
(c) Amitabh Kant
(d) Bibek Debroy
Ans. b
67. Why are the Indirect taxes termed regressive taxing mechanisms?
(a) They are charged at higher rates than direct taxes
(b) They are charged the same for all income groups
(c) They are charged over higher income groups
(d) None of the above
Ans. b
68. How many tax slabs are there in GST in India?
(a) 2
(b) 3
(c) 4
(d) 5
Ans. c
69. Which of the following best describes ‘Tax Expenditure?
(a) It is the expenditure incurred by the government during collection of tax.
(b) It is the revenue forgone by the government on account of exemptions on income and corporate tax.
(c) It is the revenue forgone on account of exemption on indirect taxes.
(d) It is the expenditure made by the government from the income accrued through taxes.
Ans. b
70. With reference to Cess, which of the following statements is/are correct?
(a) Cess is earmarked for a particular purpose only and cannot be used for any other purpose
(b) Proceeds of cess are distributed recommendation of Finance Commission
(c) Both (a) and (b) on the
(d) Neither (a) nor (b)
Ans. b
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71. Find the correct statements about the GST Council?
(a) It finds its mention in Article 279 A
(b) The PM will be the Chairperson of the Council
(c) Only the minister in charge of taxation or finance can be present in the Council from the state side
(d) None of these
Ans. a
72. What is the business entity that is authorized to accept cards for the payment of goods and services called?
(a) Issuer
(b) Acquirer
(c) Merchant
(d) None of these
Ans. c
73. Which of the following best declined tax buoyancy?
(a) It is the ratio of growth in tax revenue to growth in GDP
(b) It is the ratio of gross tax collected to the total public debt of the state
(c) It is the ration of gross tax collected by the state to the percentage of GDP
(d) It is the ratio of growth in tax revenue to the growth in population
Ans. a
74. Income Tax in India was introduced by:
(a) Sir Charles Wood
(b) Lord Macaule
(c) James Wilson
(d) William Jones
Ans. c
75. Since which of the following years, all tax revenues of Centre have become shareable among the Centre and States?
(a) 2000
(b) 2003
(c) 2007
(d) 1998
Ans. a
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76. Which of the following Central Taxes has now been withdrawn?
(a) Value Added Tax
(b) Commodity Transaction Tax
(c) Gift Tax
(d) Corporate Tax
Ans. b
77. The phenomenon by which people achieve higher incomes due to inflation which pushes them into higher tax slabs is called:
(a) Hidden Creep
(b) Bracket Creep
(c) Backwardation
(d) None of these
Ans. b
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78. Consider the following situations regarding ‘forced savings’:
1. It results in involuntary reduction in the consumption level of the people.
2. It can happen either by tax increase or indirectly due to of higher inflation.
Which of these are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. d
79. Consider the statements about the ‘Laffer curve’:
1. It suggests that higher tax rates initially increase government’s tax collection but after a point it makes it fall.
2. But it is tough to know whether a country’s tax rates are on this curve because higher tax rates also increase the instances of tax evasion.
Choose the correct statements:
(a) Only
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. c
80. Consider the following statements regarding project insights:
1. It was launched by the finance ministry to widen the tax base by detecting tax evaders using technology.
2. It helps in data mining, collection, collation and processing of information for effective risk management with a view to widening and deepening tax base.
Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. c
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81. Consider the following statements regarding the ‘Goods and Services Tax Network (GSTN)’
1. It is under the Ministry of Finance.
2. It provides IT infrastructure and services for the implementation of GST.
Which of the statements given above is/are incorrect?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. d
82. Consider the following direct-taxes:
I. Corporation tax
II. Service tax
III. Income tax
Arrange in a descending order their contribution to the Central Government’s Gross Tax Revenue in the pre – GST era?
(a) I, II, III
(b) 11,1, Ill
(c) III, II, I
(d) I, III, II
Ans. d
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83. As per the Constitution of India, how does the flow of taxation work in India?
1. Sharing of taxes from the Central tax pool.
2. Grant-in-aids for the development of the specific sectors.
3. loans forwarded by the Centre other than the borrowings the states do.
Codes:
(a) 1 and 2
(b) 2 and 3
(c) 1 and 3
(d) 1, 2 and 3
Ans. d
84. With reference to history of Indian taxation, consider the following –
1. CST was a destination – based tax of the Centre while VAT was an origin-based tax of the states.
2. CST was inconsistent with the VAT
3. CST was a cascading-type tax not relatable against the VAT.
Which of the above is/are correct?
(a) Only 1
(b) 1 and 2
(c) Only 3
(d) 1, 2 and 3
Ans. d
85.Which of the following doesn’t come under the ‘redistributive policy/policies to reduce economic inequalities?
1. Rationalising subsides.
2. Progressive tax policies.
3. Regressive expenditure.
Codes:
(a) 1 and 2
(b) Only 2
(c) 2 and 3
(d) Only 3
Ans. d
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86. Consider the following:
(1) Tourism
(2) Travel insurance
In which of the following leads, will both the above come?
(a) Merchandise
(b) Invisible
(c) Transfers
(d) None of these
Ans. b
87. The Constitution of India provides for transfer of resources from Centre to States in the form of:
I. Tax sharing
II. Loans
II. Grants-in-aid
Codes:
(a) I, II and III are correct
(b) I and III are correct
(c) I, III and IV are correct
(d) All are correct
Ans. a
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88. Arrange the introduction of the following taxes in India in chronological order:
I. Service tax
II. Income tax
III. Banking cash transaction tax
IV. Gift tax
Codes:
(a) II, IV, I, III
(b) II, I, III, IV
(c) II, III, I, IV
(d) IV, II, I, III
Ans. a
89. Arrange the following Reports in chronological order:
I. Direct Taxes Enquiry Committee, Final Report.
II. Final Report on Rationalising and Simplifications of the Tax Structure.
III. Indian Tax Reforms-Report of a Survey, IV. Taxation Enquiry Commission.
Choose the correct answer from the codes given below;
Codes:
(a) IV, III, II, I
(b) I, II, III, IV
(c) III, I, IV, II
(d) II, III, I, IV
Ans. a
90. Negative income tax……
1. is the money paid by government to citizens who earn below a certain prescribed limit.
2. allows the claimants to receive income through simple filing of tax returns.
3. may reduce the demand for welfare benefits.
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. a
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91. Which of the following statements is/are correct?
1. While tariffs directly impact the value imports, quotas aim to curb the volume of imports.
2. Both tariffs and quotas restrict imports and protect the domestic firm.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. c
92. Which of the following statements given was/were correct regarding Minimum Alternate Tax?
1. It was a direct tax that facilitates the taxation of ‘zero to tax companies’.
2. It was also levied on high net worth individuals whose income exceeds a certain limit.
3. It could be levied on portfolio investors and corporations with FDI in India.
(a) 1 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. a
93. Which of the following statements regarding tariff is/are correct?
1. Imposition of tariffs benefit domestic consumers
2. It helps to increase the domestic demand for the good
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(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. d
94. Assertion (A): Devaluation in general is resorted to increase the exports.
Reason (R): It makes exports cheaper.
Codes:
(a) Both (A) and (R) are correct.
(b) (A) is correct, but (R) is not correct.
(c) Both (A) and (R) are incorrect.
(d) (A) is incorrect, but (R) is correct.
Ans. a
95. Assertion (A): The role of monetary policy in a developing economy in general is to achieve growth with stability.
Reason (R): It makes availability of credit to public at cheaper rate of interest.
Codes:
(a) (A) is correct but (R) is not the explanation of (A).
(b) Both (A) and (R) are incorrect.
(c) (A) is incorrect but (R) is correct.
(d) Both (A) and (R) are correct and (R) is the explanation of (A).
Ans. d
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96. Assertion (A): The average and the spread of indirect taxes have been lowered in India over the past two decades.
Reason (R): Tax-GDP ratio in India has declined during this period.
Codes:
(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true, (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R) is true.
Ans. a
97. According to the order of, appointment, Arrange these following as chairman of Finance Commission:
(i) Bimal Jalan
(ii) Dr. Y. V. Reddy
(iii) Dr. D. Subbarao
(iv) R. N. Malhotra
Codes:
(a) i, iii, ii, iv
(b) i, iv, ii, iii
(c) i, iii, iv, ii
(d) i, ii, iv, iii
Ans. b
98. Systematize the sequence of the following in terms of the execution.
(i) Income Tax
(ii) Expenditure Tax
(iii) Value Added Tax
(iv) Fringe Benefits Tax
Codes:
(a) i, iii, ii, iv
(b) i, ii, iii, iv
(c) ii, iii, iv, i
(d) iii, iv, i, ii
Ans. b
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99. Recognize the sequence of implementation of the following taxes, and select the correct answer from the given codes:
(I) Land Revenue
(II) Sales tax
(III) MODVAT
(IV) Service tax
Codes:
(a) I, II, III, IV
(b) II, IV. I, III
(c) III, II, IV, I
(d) IV, II, I, IV
Ans. a
100. Assertion (A): Indirect taxes promote inequalities in the distribution of income.
Reason (R): The poor bear more burden of indirect taxes.
Codes:
(a) (A) is true but (R) is false.
(b) Both (A) and (R) are true and (R) is the correct explanation of (A).
(c) (A) is false but (R) is true.
(d) Both (A) and (R) are false.
Ans. b
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101. The correct statements about GST Bill is/are:
(1) It has reduced the cascading effect of Direct and Indirect Taxation in India.
(2) It has introduced the concept of One Nation, One Tax.
(3) It has two components – SGST and CGST.
(4) It was first recommended by the Kelkar Committee.
(a) Only 1 and 2
(b) Only 1, 3 and 4
(c) Only 2, 3 and 4
(d) Only 3 and 4
Ans. c
102. Government deficit can be reduced by an increase in taxes or reduction in expenditure. In India, the government has been trying to increase tax revenue with greater reliance on:
1. Direct Taxes
2. Indirect Taxes
Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. a
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ALSO VISIT: INDIAN ECONOMY
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DOWNLOAD MOBILE APPLICATION TO LEARN MORE: MCQs ON TAXATION