BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Gift Tax, Holding Tax
|
|
|
Sales Tax, Income Tax
|
|
|
Customs Duties, Corporation Tax
|
|
|
Wealth Tax, Land Revenue
|
Detailed explanation-1: -Corporate tax and customs duties are included in the union taxes.
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: -Transaction Tax and Other Tax and Duty on Commodities & Services. Central GST, Union Excise Duty on petroleum products & tobacco and Custom duties. Out of these, levy and collection of Union Excise Duty on products outside GST and Custom Duty is done solely by the Union Government.
Detailed explanation-4: -The most important source of revenue for the Central Government is Corporate tax.
Detailed explanation-5: -State and local governments collect tax revenues from three primary sources: income, sales, and property taxes. Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts.