Which of the following is the single comprehensive indirect tax?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → GST
GST (Goods and Services Tax) is: A single comprehensive indirect tax that has replaced multiple indirect taxes in India like VAT, service tax, excise duty, etc. It is:
-
Destination-based
-
Levied on the supply of goods and services
-
Designed to unify the indirect tax structure across the country
Other options:
-
Revenue receipt – Money received by the government through regular sources like taxes, fees, interest, etc.
-
Capital receipt – Money received through loans, disinvestment, or recovery of loans (non-recurring).
-
Fiscal receipt – Not a standard term in public finance.