Arrange the introduction of the following taxes in India in chronological order. A. Service Tax B.…
Income tax was introduced in 1860, gift tax in 1958, service tax in 1994, the banking cash transaction tax in 2005, and GST in 2017. The order is B, D, A, C, E. Placing gift…
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Arrange the introduction of the following taxes in India in chronological order.
A. Service Tax
B. Income Tax
C. Banking Transaction Tax
D. Gift Tax
E. Goods and Services Tax
A. Service Tax
B. Income Tax
C. Banking Transaction Tax
D. Gift Tax
E. Goods and Services Tax
Answer and explanation
Correct answer A
Income tax was introduced in 1860, gift tax in 1958, service tax in 1994, the banking cash transaction tax in 2005, and GST in 2017. The order is B, D, A, C, E. Placing gift tax before income tax, or after GST, ignores the 1958 date.
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UGC NET Economics