BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Asking citizens to identify government benefits they have received this year
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When the government creates a budget each year based on anticipated income from sources like personal income tax, corporate tax, payroll tax, etc. Then they allocate money to specific services and programs.
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Reconciling your taxes
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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.
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.
Detailed explanation-3: -Revenue Receipts are the receipts which do not create liabilities nor lead to reduction in assets. Stability in the economy means keeping fluctuations in the general price level within limits. When there is inflation government can reduce its own expenditure to bring down the price level.
Detailed explanation-4: -Q. Grants, a part of the revenue expenditure of the government, refers to all the grants given by the state government to the central government.