Which of the following is a direct tax levied by local bodies? MCQ with Answer and Explanation

Explanation:
GST is a comprehensive indirect tax levied on the *supply* of goods and services. It replaced the tax on manufacture (Excise Duty) and tax on sale (VAT). S1 is correct, S2 is incorrect.

Explanation:
The final file should be assembled within 60 days from the date of auditor's report.

Explanation:
Hidden goodwill is the excess of the firm's inferred total capital (based on the new partner's contribution and share) over the actual combined capital balances.