Question : In the estimation of national income, which of the following items will be subtracted from Net national product (NNP) at market price?
Option 1: Depreciation
Option 2: Net product taxes and net production taxes
Option 3: Net indirect taxes
Option 4: Depreciation and net product taxes
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Correct Answer: Net indirect taxes
Solution : The correct option is Net indirect taxes .
In the estimation of national income, net indirect taxes are subtracted from the net national product (NNP) at market prices to arrive at the gross national product (GNP) at factor cost. Net national product (NNP) at market price is the total value of goods and services produced within a country in a given period, minus depreciation (also known as capital consumption allowance).
Net indirect taxes refer to taxes that are levied on goods and services by the government but are not directly paid by the consumer to the government. These include taxes like excise duties, customs duties, sales tax, etc.
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