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Which among the following is not an indirect tax?
  • a)
    Service Tax
  • b)
    Custom Duty
  • c)
    Excise Duty
  • d)
    Corporation Tax
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Which among the following is not an indirect tax?a)Service Taxb)Custom...
A corporate tax , also called corporation tax or company tax , is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities.
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Which among the following is not an indirect tax?a)Service Taxb)Custom...
Understanding Indirect Taxes
Indirect taxes are levied on goods and services rather than on income or profits. They are typically paid by consumers when they purchase products or services, and are collected by intermediaries (like sellers) who then remit the tax to the government.
Types of Indirect Taxes
- Service Tax: A tax levied on services provided by service providers, which is ultimately paid by the consumer.
- Custom Duty: A tax imposed on the import and export of goods. It is typically paid by importers or exporters, but the cost is usually passed on to consumers.
- Excise Duty: A tax on the production of goods within a country, paid by manufacturers. This cost is generally transferred to consumers through higher prices.
What is Corporation Tax?
- Corporation Tax: This is a direct tax imposed on the income or profit of corporations. Companies pay this tax on their earnings before distributing profits to shareholders.
Key Differences
- Indirect taxes are not directly paid by the entity that ultimately bears the cost; instead, they are collected from consumers.
- Direct taxes, like corporation tax, are paid directly to the government by the individuals or corporations on their income or profits.
Conclusion
In summary, among the options given, Corporation Tax (option D) is not an indirect tax because it is a direct tax imposed on the profits of corporations, contrasting with Service Tax, Custom Duty, and Excise Duty, which are all indirect taxes.
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Which among the following is not an indirect tax?a)Service Taxb)Custom Dutyc)Excise Dutyd)Corporation TaxCorrect answer is option 'D'. Can you explain this answer?
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