Consider the following:

1. Fringe Benefit Tax
2. Securities Transaction Tax
3. Interest Tax

Which of the above taxes is/are indirect taxes?
a) 1 only
b) 1 and 2 only
c) 1, 2 and 3
d) None of the above

Ans – [ D]

Explanation– List of Indirect taxes-

1. Service tax,
2. sales tax,
3. custom,
4. excise duties,
5. VAT,
6. MODVAT,
7. CENVAT and
8. proposed GST.

Direct taxes include-

1. Income tax
2. Corporate Tax (and MAT)
3. Interest tax (on banks)
4. Fringe benefits tax
5. Hotel receipt Tax
6. Wealth Tax
7. Securities transaction Tax (STT)
8. Banking cash transaction tax
9. Estate duty
10. Gift tax