Which of the following is a Central level tax subsumed by the Goods and Services Tax (GST)?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Excise duty.
- An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country).
- It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).