Question
Download Solution PDFUnder which tax- One nation, one uniform tax is ensured
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is GST (Goods and Services tax).
Key Points
- GST (Goods and Services Tax)
- GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
- Designed to replace multiple cascading taxes levied by the central and state governments.
- Aimed at creating a single, unified market by subsuming various indirect taxes like VAT, Service Tax, and Excise Duty.
- Ensures uniformity in the tax system across the nation, promoting ease of doing business.
- Applied in countries like India, Canada, and Australia, among others.
Additional Information
- VAT (Value Added Tax)
- VAT is a consumption tax levied on the value added to goods and services at each stage of production or distribution.
- Introduced to ensure that tax is collected efficiently and prevent tax evasion.
- Each stage in the supply chain, from production to sale to the end consumer, is taxed.
- VAT ensures that the tax burden is shared between production and distribution.
- Largely implemented in Europe and other parts of the world as a replacement for Sales Tax.
- Income Tax
- Income tax is a direct tax levied on the income of individuals and businesses.
- It is a progressive tax system where the tax rate increases as the taxable income increases.
- Collected by the government to fund various public services and infrastructure projects.
- Income tax can include wages, salaries, dividends, interest, and other forms of income.
- Exemptions, deductions, and credits can reduce the taxable income and tax liability.
- Sales Tax
- Sales tax is a consumption tax imposed by the government on the sale of goods and services.
- Typically calculated as a percentage of the sale price at the point of purchase.
- The end consumer bears the burden of the sales tax.
- Sales tax can vary significantly between different jurisdictions.
- Commonly used in the United States, where each state can set its own sales tax rate.
Last updated on May 21, 2025
->The CSIR Junior Secretariat Assistant Provisional Response Sheet has been released on 21st May 2025 at the official website.
-> The CSIR Junior Secretariat Assistant Notification 2025 written examination dates has been released for Advt No. CRRI/02/PC/JSA-JST/2025.
-> Candidates had applied online from 22nd March to 21st April 2025.
-> The CSIR JSA salary ranges from INR 19,900 - INR 63,200 (Indian Institute of Petroleum, Dehradun) and INR 35,600 (Indian Institute of Toxicology Research).
-> The selection of candidates for this post will be based on a Written Exam, followed by a Computer Typing Test.
-> Prepare for the exam with CSIR Junior Secretariat Assistant Previous Year Papers.