The tax levied on gross sales revenue from business transactions is called
(A) Turnover Tax
(B) Sales Tax
(C) Capital Gains Tax
(D) Corporation Tax
Correct Answer : Turnover Tax
Question Asked : SSC Combined Matric Level (Pre) Exam 2002
Explanation : A turnover tax is similar to a sales tax or a VAT, with the difference that it taxes intermediate and possibly capital goods. It is charged on gross sales revenue from business transactions. Unlike a sales tax, which is levied only on gross value at the point of retail sale, a turnover tax is levied on all intermediate transactions between businesses leading to and including the final sale.
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