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As per the Budget Estimates of 2019-20, the following are some of the important sources of tax receipts for the Union Government: 1. Corporation Tax 2. Taxes on Income other than Corporation Tax 3. Goods and Services Tax 4. Union Excise Duties Which one of the following is the correct descending order of the aforesaid tax receipts as a· percentage of GDP?

As per the Budget Estimates of 2019-20, the following are some of the important sources of tax receipts for the Union Government: 1. Corporation Tax 2. Taxes on Income other than Corporation Tax 3. Goods and Services Tax 4. Union Excise Duties Which one of the following is the correct descending order of the aforesaid tax receipts as a· percentage of GDP? Correct Answer 1, 3, 2, 4

The correct answer is 1, 3, 2, 4.

Key Points

  • For every rupee with the government —offer, 68 paise came from the direct & indirect taxes while the states' share of taxes & duties is the single-largest expense head accounting for 23% of the total spending as per the 2019-20 budget.
  • As per the Budget for 2019-20 presented in the Parliament by Finance Minister Nirmala Sitharaman, GST collections contributed 19 paise in every rupee revenue collection.
  • The Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
  • The collection from borrowings & other liabilities will be 20 paise whereas income tax will yield 16 paise to every rupee collection.
  • The govt. intends to earn 9 paise from the non-tax revenue like disinvestment, 8 paise from the Union excise duty, 4 paise from the customs, and 3 paise from the non-debt capital receipts in every rupee collection.
  • On that of the expenditure side, the biggest outlay component is the states' share of the taxes & duties at 23 paise, followed by the interest payment at 18 paise. 
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