BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increased
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Decreased
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First increased and then decreased
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Remained the same
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Detailed explanation-1: -The share of direct taxes in gross tax revenue has gone up from 23% to 55% in the period 1991-92 to 2008-09. Hence option 1 is the correct answer. In the corresponding period, the share of indirect taxes in gross tax revenue went down from 77% to 45%, indicating a structural shift in the composition of revenue.
Detailed explanation-2: -Corporation Tax has the largest contribution to the Gross Tax Revenue of Government of India 2019-20 (BE).
Detailed explanation-3: -As per Indian Union Budget estimates for financial year 2023, direct taxes accounted for 51.5 percent and indirect taxes accounted for 48.5 percent of total central tax collection in India.
Detailed explanation-4: -Direct Tax collection, net of refunds, stands at Rs. 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y.
Detailed explanation-5: -The correct answer is Corporate Tax. Corporate tax is the single largest source of income to the government of India.