Which of the following is an indirect tax? MCQ with Answer and Explanation

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Which of the following is an indirect tax?

A. Wealth Tax

B. Goods and Services Tax (GST)

C. Corporate Tax

D. Income Tax

Answer: Option B

Solution (By JKSSB Mock Tests)

GST is an indirect tax because the liability to pay is on the seller, but the burden is passed on to the consumer.

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Question #1

The 'Chairperson of GST Council' is:

A. Revenue Secretary

B. Prime Minister

C. Finance Secretary

D. Union Finance Minister

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Correct Answer: Option D

Explanation:
Union Finance Minister is the ex-officio chairperson of GST Council.

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Question #2

A liability arising from a past event, whose existence depends on a future uncertain event, is known as:

A. Deferred Liability

B. Fixed Liability

C. Current Liability

D. Contingent Liability

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Correct Answer: Option D

Explanation:
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.

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Question #3

The accounting standard dealing with Property, Plant and Equipment (PPE) is:

A. AS 10

B. AS 26

C. AS 9

D. AS 2

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Correct Answer: Option A

Explanation:
AS 10 regulates the accounting for Property, Plant, and Equipment, covering recognition, measurement, and depreciation.

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