Indirect taxes in India

Q.  Which of the following are types of indirect taxes in India?

1) Entertainment Tax
2) Corporation tax
3) Stamp Duty
- Published on 16 May 16

a. 2, 3
b. 1, 3
c. 1, 2
d. All of the above

ANSWER: 1, 3
 
  • By definition, indirect taxes are those taxes that are levied on goods or services. They differ from direct taxes because they are not levied on a person who pays them directly to the government; they are instead levied on products and are collected by an intermediary, the person selling the product.
  • These taxes are levied by adding them to the price of the service or product which tends to push the cost of the product up.
  • Some types of indirect taxes in India are – Sales tax, Service Tax, Value Added Tax, Custom Duty and Octroi, Excise Duty, GST (proposed), Entertainment Tax, Securities Transaction Tax (STT), Stamp Duty, etc.

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