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Business Studies

Incentives

A period of t...

Question

A period of time during which the government reduces or suspends the collection of tax is known as a/an ___.

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Solution

A period of time during which the government reduces or suspends the collection of tax is known as a tax holiday.

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Q7) An increase in tax revenues collected by the government due to the growth in the national income is known as

Q. Give reason of Explain the statement
1. Income collected from tax is a main source of government revenue.
2. Revenue receipts and Revenue expenditure is known as Revenue Budget.
3. Government revenue is more than government expenditure.

Q. Case 1: In India, the government reduced the Goods and Services Tax from 12% to 5% on medicines and testing kits during the pandemic of COVID-19 in 2021.

Case 2: In India, a part of the tax from salaried people is collected at the time they receive salary.

Identify the canons of taxation in the above two cases.

Q. Which were the two important taxes collected during the time of Shivaji?

Q. Who collected taxes from the villagers during the times of the janapadas?

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