As we all know, Govt of India collects tax revenue on various activities in the country. Which of the following is a part of the tax revenue of the Govt?begin{enumerate}item Tax on Incomeitem Tax on Expenditureitem Tax on Property or Capital Assetitem Tax on Goods and Servicesend{enumerate}

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

As we all know, Govt of India collects tax revenue on various activities in the country. Which of the following is a part of the tax revenue of the Govt?

A	Both 1 and 2 only
B	Both 1 and 4 only
C	All the above
D	Only 2, 3 and 4

Explanation:

Detailed explanation-1: -Tax on income, tax on expenditure, tax on property or capital assets and the tax on goods and services-all form a part of tax revenue of the Government. This means that revenue is collected by the government from ll these items.

Detailed explanation-2: -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-3: -Tax revenues are the vital components of revenue receipts that have been bifurcated for the long term into direct taxes, enterprises, and indirect taxes such as customs duties, excise taxes, and service tax.

Detailed explanation-4: -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-5: -3, 68, 484 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 3, 30, 490 crore. The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 8, 36, 225 crore compared to Rs.

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