Question
Which one of the following has the largest contribution to the Gross Tax Revenue of Government of India in 2019-20 (BE)?
The correct answer is
Goods and Services Tax
Gross Tax Revenue Contributors 2019-20
This question requires identifying the primary source of revenue for the Government of India in the fiscal year 2019-20, according to the Budget Estimates (BE).
Analyzing Tax Revenue Components
The Gross Tax Revenue comprises various taxes. Key components relevant to the options are:
- Goods and Services Tax (GST): A comprehensive indirect tax replacing multiple taxes.
- Corporation Tax: Tax levied on corporate profits.
- Customs Duty: Tax on imported goods.
- Union Excise Duties: Tax on manufacturing specified goods.
Identifying the Largest Contributor
For the 2019-20 Budget Estimates, the Goods and Services Tax (GST) represented the most significant portion of the Gross Tax Revenue compared to Corporation Tax, Customs, and Union Excise Duties among the choices listed.
Hence, Goods and Services Tax had the largest contribution.
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Important Questions from Tax Structure In India
- GST is a/an
- Under Section 10(26) of the Income Tax Act, which of the following category of people are exempted from income tax?
- Which of the statements given below is/are correct?
1. In India, the provisions of General Anti-Avoidance Rule (GAAR) will be implemented with effect from 1 April 2015
2. The provisions of GAAR were aimed at checking tax avoidance by overseas investors
Select the correct answer using the code given below : - The tax imposed on import and export of commodity is known as
Which one of the following is not a fiscal instruments?
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