Match List-I with List-II.

Choose the correct answer from the options given below :

(A)-(III), (B)-(IV), (C)-(II), (D)-(I)

The correct answer is option (2) : (A)-(III), (B)-(IV), (C)-(II), (D)-(I)

Here are the reasons for the correct matching of List-I with List-II.

(A) wealth Tax - (III) PAPER Tax : Taxes like wealth tax and gift tax in India which carry their significance only on paper and have no significance in terms of revenue yield are called paper taxes.

(B) Income Tax _ (IV) Direct Tax :,Income tax is a direct tax because it is levied directly on the income of individuals and entities. It is calculated based on the earnings and profits of the taxpayer.

(C) Service Tax - (II) Indirect Tax: Service tax is an indirect tax because it is levied on the consumption of services rather than directly on income or wealth. It is typically collected from the service provider but ultimately borne by the service recipient.

(D) GST - (I) Single comprehensive indirect tax : Goods and Services Tax (GST) is a single comprehensive indirect tax that replaced various indirect taxes in India. It is a value- added tax on goods and services at each stage of production and distribution.