CG Board Class 8 Civics Tax Textbook Exercises which includes Fill in the Blanks, TB Q/A, as well as Extra Questions and Answers from the chapter.
Fill in the blanks :
1. Government gets its income through__________.[Taxation]
2. The data of income-expenditure is known as____________.[Budget]
3. ___________and __________ are the types of taxes. [Direct tax and indirect tax ]
4. When tax is levied, the prices of comodity__________.[rise]
Answer the following questions :
1. Explain what is tax?
Various facilities are provided by the government to the people of our country. The government collects some amount of money in order to provide these different facilities and this is known as a tax.
2. Why is tax imposed?
Taxes are imposed on the people in our country to provide various types of services that can help develop our society. These taxes enable the government to offer essential services that benefit the people.
3. Compare between taxes on goods and Income Tax?
Goods Tax – These types of taxes are imposed on various types of materials which we use in our daily lives and we use on a daily basis.
An income tax is a tax that is imposed on a person’s wealth, which is acquired from government jobs or various types of services provided by people in the community.
5. Explain value addition.
The term “value addition” refers to the process of increasing the value of a product throughout its production process. From raw materials to finished goods, each stage of production adds value to the product.
6. Explain G.S.T.
The GST stands for the ‘Goods and Services Tax’.
It is an indirect tax that is levied both on goods and on services.
Throughout the country, certain fixed rates of tax apply in terms of 3%, 5%, 12%, 18% and 28%. This tax system is applicable throughout the country.
The advantages of this system are that prices of goods will decrease, and consumers will be able to purchase goods at a lower price.
Extra Question Answers
Q: What is the primary source of government income?
A: Taxation
Q: Which type of tax is imposed directly on an individual’s income?
A: Income Tax
Q: What is the primary purpose of GST (Goods and Services Tax)?
A: To simplify the tax system
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
