The canon of equity in taxation means that: MCQ with Answer and Explanation

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The canon of equity in taxation means that:

A. tax rate should be uniform for all

B. tax should be convenient to pay

C. persons with higher ability should pay more taxes

D. tax should be economical to collect

Answer: Option C

Solution (By JKSSB Mock Tests)

The canon of equity requires taxation based on ability to pay, so the richer pay more.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'National Rural Health Mission' was launched in:

A. 2005

B. 2010

C. 2000

D. 2013

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Correct Answer: Option A

Explanation:
NRHM was launched in 2005.

This question belongs to: Economy GK Economy Set 1

Question #2

Price elasticity of demand is measured as:

A. percentage change in quantity demanded divided by percentage change in price

B. percentage change in price divided by percentage change in quantity demanded

C. change in quantity divided by change in price

D. change in price divided by change in quantity

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Correct Answer: Option A

Explanation:
Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on coal is:

A. 12%

B. 5%

C. 5% with input tax credit

D. 18%

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Correct Answer: Option B

Explanation:
Coal attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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