Taxation MCQ Quiz in தமிழ் - Objective Question with Answer for Taxation - இலவச PDF ஐப் பதிவிறக்கவும்

The correct answer is New Delhi.

Key Points

• The Secretariat of the Goods and Services Tax (GST) Council is located in New Delhi, India.
• The GST Council Secretariat was established to assist the GST Council in the discharge of its functions.
• It plays a crucial role in coordinating between the central government and various state governments regarding GST matters.
• The Secretariat provides administrative and logistical support for the GST Council meetings and other related activities.

Additional Information

• Goods and Services Tax (GST)
  • GST is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.
  • It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
  • GST is a destination-based tax, meaning it is collected from the point of consumption rather than the point of origin.
  • There are three types of GST in India: CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
• GST Council
  • The GST Council is a constitutional body for making recommendations to the Union and State Governments on issues related to GST.
  • The Council is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and the Finance Ministers of all the states.
  • Decisions in the GST Council are taken by a three-fourth majority of the votes cast, with the central government having one-third of the votes and the state governments having two-thirds.
• GST Network (GSTN)
  • GSTN is a non-profit organization established to manage the entire IT system of the GST portal, which is the common and shared IT infrastructure between the central and state governments, taxpayers, and other stakeholders.
  • It facilitates the registration, payment, and return filing processes under GST.
  • GSTN ensures data security and confidentiality of taxpayer information.
• Impact of GST
  • GST has simplified the tax structure by subsuming various indirect taxes under a single regime.
  • It has helped in reducing the cascading effect of taxes, thereby lowering the overall tax burden on goods and services.
  • GST has improved the ease of doing business by providing a common national market and reducing complexities related to tax compliance.

The correct answer is Capital gains tax.

Key Points

• Capital gains tax is a direct tax levied on the profits earned from the sale of assets or investments.
• It is imposed directly on the income or profit of individuals or entities.
• The tax is applicable to both short-term and long-term capital gains, depending on the holding period of the asset.
• Examples of assets subject to capital gains tax include real estate, stocks, bonds, and precious metals.

Important Points

• Direct taxes are those that are paid directly to the government by the individual or organization on whom they are imposed.
• Other examples of direct taxes include income tax, corporate tax, and wealth tax.

Additional Information

• Value Added Tax (VAT): VAT is an indirect tax that is imposed on goods and services at each stage of production or distribution. It is ultimately borne by the end consumer.
• Goods and Services Tax (GST): GST is an indirect tax levied on the supply of goods and services, replacing several former indirect taxes. It is a comprehensive, multi-stage, destination-based tax.
• Customs Duty: Customs duty is an indirect tax imposed on goods imported into or exported from a country. It is typically levied at the time of import/export and is borne by the importer/exporter.