A tax's incidence, or the ultimate burden of the tax, is primarily determined by the price elasticity of demand and supply. This concept is an integral part of the taxation system. For a more in-depth understanding, you can refer to Taxation in India – Direct taxes & Indirect Taxes, Features of Taxation System .
To further enhance your knowledge, here are some additional resources:
- Detailed Notes on Economics for UPSC Examination
- Comprehensive Strategy, Syllabus & Structure for UPSC Mains General Studies Paper-III