GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sales tax
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Service tax
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Excise duty
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None of the above
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Detailed explanation-1: -The correct answer is Sales tax. The principal source of States own tax revenues is sales tax which accounts for about 60 per cent of the total.
Detailed explanation-2: -The correct answer is Corporate tax. The most important source of revenue for the Central Government is Corporate tax. Corporate tax is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities. Corporate tax is also called corporation tax or company tax.
Detailed explanation-3: -The major source of tax revenue in India is generated through direct taxes. Some of the common direct taxes in India are income tax, securities transaction tax, corporate income tax, banking cash transaction tax, etc.