Indian Contract Act, 1872
Quick practice
Question 1 of 5
In contrast to the older indirect tax regime which primarily taxed the origin or manufacture of goods, how is the modern Goods and Services Tax (GST) structurally defined in India?
A
It is a multi-stage, destination-based consumption tax levied on value addition.
B
It is a direct income tax levied on corporate profits.
C
It is a single-stage tax levied only at the final retail point of sale.
D
It is a wealth tax levied exclusively on the importation of luxury goods.
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