Question
General Knowledge Question on Economics
The tax which is not shared between the Centre and the States is
A
Corporation Tax
B
Sales Tax
C
Income Tax
D
Central Excise Duty
Answer
Sales Tax
Explanation
Solution
Sales tax is an indirect tax , meaning it is collected by the seller from the consumer at the time of purchase and then remitted to the government.
The formula for calculating sales tax is:
Total Sales Tax=Cost of Item×Sales Tax
The correct option is (B): Sales Tax