GK
TAXES IN INDIA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The maximum amount of the total Revenue earned by the government of India comes from:
|
|
Income Tax
|
|
|
Excise Duty
|
|
|
Customs Duty
|
|
|
Value Added Tax
|
Explanation:
Detailed explanation-1: -The correct answer is Corporate Tax. Corporate tax is the single largest source of income to the government of India.
Detailed explanation-2: -In India states earn revenue through own taxes, central taxes, non-taxes and central grants. For most states, own taxes form the largest part of the total state revenue. Taxes as per the state list includes land revenue, taxes on agricultural income, electricity duty, luxury tax, entertainment tax and stamp duty.
Detailed explanation-3: -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.
There is 1 question to complete.