Which of the following does NOT come under the purview of 'paper taxes'?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. Excise tax
‘Paper taxes’ refer to taxes that are levied on the possession or transfer of wealth or property (like gift tax, estate duty, wealth tax), often involving documentation. Excise tax, on the other hand, is a production-based tax imposed on the manufacture of goods, and hence it does not fall under paper taxes.