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T3 ECONOMICS CH1 Tax and its Importance — Social Science STD 7 — Question

Tamilnadu BoardEnglish MediumSTD 7Social ScienceT3 ECONOMICS CH1 Tax and its Importance2 Marks
Question
Write short note on Gift Tax and Service Tax.
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Answer

  • Gift Tax:
    Gift tax is paid to the Government by the recipient of gift depending on value of gift.
  • Service Tax:
    Service tax is raised on provision of Service. This tax is collected from the service recipients and paid to the Central Government.

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