ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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source of the gov revenue paid by citizens
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Citizens who will benefit from the use of the tax will pay in tax
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A citizen will pay more tax if he or she is able to pay more
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None of the above
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Detailed explanation-1: -Taxes collected from both direct tax and indirect tax are the government’s tax revenue. It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc. Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied.
Detailed explanation-2: -The 6 major sources of tax revenue are Income tax, corporate tax, Goods and Services Tax (GST), Customs duties, Union Excise duties, Wealth tax and gift tax.
Detailed explanation-3: -Tax is the main source of revenue for the government. The government levies taxes on incomes, goods and services.
Detailed explanation-4: -The correct answer is Corporate tax. The most important source of revenue for the Central Government is Corporate tax.
Detailed explanation-5: -Direct Tax. Taxes which are paid directly by individuals and organisations to the government of India come under Direct Tax. Indirect Tax. Goods and Services Tax. Income tax. Custom Duty. Excise Duty. Corporation Tax. Domestic company [Section 2(22A)] More items •14-Jan-2019