In the context of the Indian economy, the 'GST' is an example of:
A. An indirect tax with dual structure (Centre and States)
B. A wealth tax
C. A direct tax
D. A corporate tax only
Answer: Option A
Solution (By JKSSB Mock Tests)
Goods and Services Tax is a comprehensive indirect tax levied on the supply of goods and services, with a dual structure involving both the Centre and the States.
Explanation:
The Lewis dual-economy model emphasises the existence of surplus labour in the traditional agricultural sector that can be transferred to the modern industrial sector at a constant real wage.
No comments yet. Be the first to start the discussion!