Correct Answer - Option 1 : Service Tax
The correct answer is Service Tax.
Goods and Service Tax (GST) has abolished the following taxes:
- Central Excise duty
- Duties of Excise
- Additional Duties of Excise
- Additional Duties of Excise
- Additional Duties of Customs
- Special Additional Duty of Customs
- Service Tax
- Central Surcharges
- GST is a value-added tax levied on most goods and services sold for domestic consumption.
- In India, GST Bill was first introduced in 2014 as The Constitution (122nd Amendment) Bill.
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Wealth Tax, according to the Wealth Tax Act, 1957, is a form of direct tax levied on an individual's personal properties.
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Income tax is a direct tax that is paid to the government on the income of persons or corporations that are expected to pay taxes.
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Corporation tax is a direct tax levied on the net profits or profit made by corporations from their businesses.