Question : Which of the following sets belongs to central tax?
Option 1: Excise duty, Sales tax, and Customs duty
Option 2: Excise duty, Customs duty, and Income tax
Option 3: Income tax, Customs duty, and House tax
Option 4: Customs duty, Entertainment tax, and Income tax
Correct Answer: Excise duty, Customs duty, and Income tax
Solution : The correct options are Excise duty, Customs duty, and Income tax.
Excise Duty is an example of an indirect tax imposed on domestic product manufacturing. The Central Excise Act, of 1944, is governed and imposed by the Central Government of India. Since 2017, it has been incorporated into the Goods and Services Tax (GST). Custom duty, also called import duty, is a tax levied on imports of products into a nation. To raise money and shield indigenous industries from international competition, the Centre imposes customs taxes. The 1962 Customs Act is in charge of it. Income tax is a direct tax imposed on the earnings of people, companies, and other entities. The Government of India imposes it.
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