Q: Which tax is imposed on the purchase of goods and services?
A: Goods and Services Tax (GST)
Q: What is the term used for the increase in the value of a product during various stages of production?
A: Value Addition
Q: Which sector of taxation does Property Tax fall under?
A: Direct Tax
Q: What does the acronym GST stand for?
A: Goods and Services Tax
Q: What type of tax is levied on the value addition in the production of goods and services?
A: Value-Added Tax (VAT)
Q: Which category of items typically incurs higher taxes under most tax systems?
A: Luxury items
Q: What is the primary objective behind levying taxes on income and goods?
A: To generate government revenue
