Taxes are broadly classified into Direct taxes (incidence and impact fall on the same person/ entity) and Indirect taxes (incidence and impact fall on different persons/entities). Both types have different implications for income distribution, price levels, and economic behavior.
Which of the following statement(s) is/are correct regarding taxes?
Asked in GPSC Prelims CSP 2 2022 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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