GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Custom duties
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Corporation tax and income tax
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Inheritance tax, wealth tax, interest tax and gift tax
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Excise duties
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Detailed explanation-1: -The correct answer is Excise Duties. The annual yield from excise duties is the highest. Excise duty is a form of tax imposed on goods for their production, licensing, and sale.
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: -An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).
Detailed explanation-4: -Definition: Union excise duty is a type of indirect tax on goods manufactured in India. Description: Union excise duties are levied in accordance with the rates mentioned in Schedule I and II of the Central Excise Tariff Act, 1985. The taxable event here is the ‘Manufacture’.