Economy UPPSC 1995 GS-I
Question

The largest sources of tax revenue to the Central Government of India are:

Answer & Solution

Answer: (Detailed Solution Below)

Option A: Union excise duties and corporate tax

Detailed Solution:

The correct answer is “Union excise duties and corporate tax”.

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.

While the tax landscape has evolved with the introduction of GST, historically, Union Excise Duties and Corporate Tax have been the two primary sources of tax revenue for the Central Government of India.

Similar Questions:

Name the missile boat constructed for Indian Navy which was successfully launched in September, 1905:
  1. Nag
  2. Prahar
  3. Trishul
  4. Pratighat
India in recent past has succeeded in attracting large foreign investments in

1. Life Insurance Business
2. Services sector
3. Computer software and hardware
4. Trading
5. Telecommunications
6. Automobile industry

Select the correct answer from the codes given below:
Codes:
  1. 1,2 and 3
  2. 2,4 and 6
  3. 2, 3, 4 and 5
  4. 2, 3, 4, 5 and 6
At what rate did export by India increase in 1994-95?
  1. 10%
  2. 13%
  3. 15%
  4. 18%
Indian rupee has been made fully convertible on:
  1. Current account on March 1, 1993
  2. Current account in August, 1994
  3. Capital account in August, 1994
  4. Current account in April, 1995
The historic election in self rule areas of Palestine has gone in favour of Yasser Arafat elected as the President of Palestine. His party is called:
  1. Hamas Party
  2. Fatah Party
  3. Freedom Party
  4. None of above
What is the name of Khushwant Singh's autobiography:
  1. The Moor's Last Sigh
  2. Truth, Love and a Little Malice
  3. The End Racism
  4. None of these
Which one of the following organisation is the main regulator of stock markets in India?
  1. Controller of Capital of Stocks
  2. Ministry of Finance
  3. Indian Company Law Board
  4. Security and Exchange Board of India
Who of the following was a celebrity in law in Medieval India?
  1. Vigyaneshwar
  2. Hemadri
  3. Rajshekhar
  4. Jeemutvahan
Mixed Economy means-
  1. Co-existence of small and large industries
  2. Co-existence of public and private sectors
  3. Co-existence of rich and poor
  4. Promoting both agriculture and industry in the economy
Which among the following taxes is not shared by the Central Government with UP Government under the Finance Commission award?
  1. Income tax
  2. Excise duty
  3. Custom duty
  4. Agriculture Income Tax
The promoter of National Stock Exchange of India is:
  1. State Bank of India
  2. LIC and GIC
  3. IDBI
  4. All the above
SAARC Summit in May, 1995 decided:
  1. To end poverty by 2002 A.D.
  2. Against liberlisation of regional trade
  3. To talk on bilateral matters
  4. Against South East Asia Free Trade Agreement