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B Com Exam  >  B Com Tests  >  Goods and Services Tax (GST)  >  Test: Tax Structure in India - B Com MCQ

Test: Tax Structure in India - B Com MCQ


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10 Questions MCQ Test Goods and Services Tax (GST) - Test: Tax Structure in India

Test: Tax Structure in India for B Com 2024 is part of Goods and Services Tax (GST) preparation. The Test: Tax Structure in India questions and answers have been prepared according to the B Com exam syllabus.The Test: Tax Structure in India MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Tax Structure in India below.
Solutions of Test: Tax Structure in India questions in English are available as part of our Goods and Services Tax (GST) for B Com & Test: Tax Structure in India solutions in Hindi for Goods and Services Tax (GST) course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Tax Structure in India | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Goods and Services Tax (GST) for B Com Exam | Download free PDF with solutions
Test: Tax Structure in India - Question 1
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What is the primary purpose of taxation?

Detailed Solution for Test: Tax Structure in India - Question 1
Taxation primarily serves the purpose of funding government spending and various public expenditures. It provides the government with the necessary financial resources to carry out its functions and provide essential services to the citizens.
Test: Tax Structure in India - Question 2
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Which tax is an example of a direct tax?

Detailed Solution for Test: Tax Structure in India - Question 2
Income Tax is a classic example of a direct tax as it is levied directly on an individual's or organization's income. The burden of income tax cannot be shifted to someone else.
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Test: Tax Structure in India - Question 3
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Which principle of taxation emphasizes that every person should pay taxes in proportion to their income?

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The Canon of Equality emphasizes that taxes should be proportional to income, ensuring that individuals pay taxes according to their ability to pay.
Test: Tax Structure in India - Question 4
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What is the key characteristic of indirect taxes?
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Indirect taxes are generally regressive because they impose the same tax rate on both the rich and the poor, which can lead to increased income disparities.
Test: Tax Structure in India - Question 5
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What is the primary objective of raising revenue through taxation?
Detailed Solution for Test: Tax Structure in India - Question 5
The primary objective of raising revenue through taxation is to fund government activities, including the provision of public goods and services.
Test: Tax Structure in India - Question 6
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Which tax is considered a contribution for the common benefit of society?
Detailed Solution for Test: Tax Structure in India - Question 6
Property Tax is considered a contribution for the common benefit of society as it is levied on property owners to fund local government activities and services.
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Why are indirect taxes considered regressive in nature?
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Indirect taxes are considered regressive because they impose the same tax rate on all consumers, regardless of their income levels, which can disproportionately affect lower-income individuals.
Test: Tax Structure in India - Question 8
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What is the major advantage of direct taxes over indirect taxes?
Detailed Solution for Test: Tax Structure in India - Question 8
Direct taxes are less susceptible to evasion because they are typically deducted at the source, ensuring that the government receives the tax revenue directly.
Test: Tax Structure in India - Question 9
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How does taxation contribute to social welfare?
Detailed Solution for Test: Tax Structure in India - Question 9
Taxation contributes to social welfare by imposing heavy taxes on luxury goods, discouraging their consumption, and generating revenue for government programs and services that benefit society as a whole.
Test: Tax Structure in India - Question 10
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What was the significant change in indirect taxation in India on July 01, 2017?
Detailed Solution for Test: Tax Structure in India - Question 10
The significant change in indirect taxation in India on July 01, 2017, was the implementation of a unified indirect tax regime known as the Goods and Services Tax (GST), which replaced a large number of Central and State indirect taxes.
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Tax Structure in India MCQs with Answers

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