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Question
Identify the tax which is most likely to faster civic conciousness.
Options
Property tax
Entertainment tax
Goods and Services tax
Customs duty
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Solution
Property tax
Explanation:
Property tax is a tax levied on real estate, such as land and buildings. It is directly linked to the ownership of property within a community.
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RELATED QUESTIONS
Fiscal policy means public expenditure and tax policy of the government.
Monetary policy means regulation of money supply by the monetary authority.
The following table indicates:
| Tax Base in ₹ | Rate of tax in % |
| 10,000 | 8 |
| 20,000 | 8 |
| 30,000 | 8 |
| 40,000 | 8 |
Match the following:
| Column I | Column II | ||
| A. | Direct tax | (i) | Tax rate increases with tax base |
| B. | Indirect tax | (ii) | Tax rate remains constant |
| C. | Proportional tax | (iii) | Imposed on goods and services |
| D. | Progressive tax | (iv) | Impact and incidence lie on the same person |
Match the following:
| Column I | Column II | ||
| A. | Impact of tax | (i) | Price stability |
| B. | Incidence of tax | (ii) | Simple to calculate |
| C. | Objective of Monetary Policy | (iii) | Ultimate burden of tax |
| D. | Proportional tax | (iv) | Original imposition of tax |
Classify the following type of tax into direct and indirect taxes:
Entertainment tax
Give one example of progressive tax.
Which one is better progressive or regressive taxation and why?
How does the state fulfil the following socio-economic objective?
Reducing income inequality.
Define the following term:
Fiscal deficit
