Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
2.9k views
in Business Studies by (239k points)
closed by
Which of the following tax has been abolished by the GST?
1. Service Tax
2. Income Tax
3. Corporation Tax
4. Wealth Tax

1 Answer

0 votes
by (237k points)
selected by
 
Best answer
Correct Answer - Option 1 : Service Tax

The correct answer is Service Tax.

Goods and Service Tax (GST) has abolished the following taxes:  

  1. Central Excise duty
  2. Duties of Excise
  3. Additional Duties of Excise 
  4. Additional Duties of Excise
  5. Additional Duties of Customs 
  6. Special Additional Duty of Customs 
  7. Service Tax
  8. 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.

  • Wealth Tax, according to the Wealth Tax Act, 1957, is a form of direct tax levied on an individual's personal properties.
  • 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.
  • Corporation tax is a direct tax levied on the net profits or profit made by corporations from their businesses.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...