SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Arrange the following taxes in descending order according to the amount collected by the Government.1. Income tax 2. Corporation tax3. Service tax 4. Excise dutyCodes
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1 > 2> 3>4
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2 > 1 > 3>4
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2 > 1 > 4> 3
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1 > 2> 4> 3
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Explanation:
Detailed explanation-1: -The correct descending order in terms of gross tax revenue is: Corporation tax. Taxes on income other than corporation tax. Union excise duties.
Detailed explanation-2: -The government uses the money collected from taxes for various projects for the development of the nation. The Indian tax system is well structured and has a three-tier federal structure. The tax structure consists of the central government, state governments, and local municipal bodies.
Detailed explanation-3: -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 .
There is 1 question to complete.