Arrange the introduction of the following taxes in India in chronological order : I. Service tax II.…
The standard chronology is income tax(1860), gift tax(1958), service tax(1994), banking cash transaction tax(2005): II→IV→I→III. The other sequences place later…
Choose your answer
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
Answer and explanation
Correct answer A
The standard chronology is income tax(1860), gift tax(1958), service tax(1994), banking cash transaction tax(2005): II→IV→I→III. The other sequences place later introductions before earlier ones. This concerns introduction, not later repeal or replacement.
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UGC NET Economics