Question

Which Tax is paid by buyer?

• A. Income Tax
• B. Goods and Service Tax
• C. (A) \& (B) Both
• D. None of the above

Hint:

In most countries, Goods and Service Tax (GST) is paid by the buyer on goods and services, while income tax is a separate tax based on earnings, not purchases.

Answer 1

The Correct Option is B

Step 1: Understanding the taxes paid by the buyer.
The Goods and Service Tax (GST) is the primary tax paid by the buyer during a transaction. Income tax is not generally paid by the buyer on the goods purchased, making GST the correct answer.
Step 2: Analyzing the options.

• (A) Income Tax: Incorrect. Income tax is not typically paid by the buyer during a transaction for goods and services.
• (B) Goods and Service Tax: Correct. GST is the main tax paid by the buyer for goods and services in many countries.
• (C) (A) \& (B) Both: Incorrect. Only GST is paid by the buyer, not income tax.
• (D) None of the above: Incorrect. The correct answer is Goods and Service Tax (GST).

Step 3: Conclusion.
GST is the tax paid by the buyer, making option (B) the correct answer. Final Answer:} Goods and Service Tax.