BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxation
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Sales
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Bank loans
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Shares
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Detailed explanation-1: -Tax collection is the main revenue source for governments. Examples of taxes collected by governments include sales tax, income tax (a type of progressive tax), estate tax, and property tax.
Detailed explanation-2: -A portion of taxes may be used to service past debts. Governments also use taxes to fund welfare and public services. These services can include education systems, pensions for the elderly, unemployment benefits, and public transportation.
Detailed explanation-3: -The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation in the given link. Download The E-Book Now!
Detailed explanation-4: -A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs.
Detailed explanation-5: -The components of public finance are public revenue, public expenditure, and public budget.