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Consider the following important sources of tax revenue for the Central Government : I. Corporation tax II. Taxes on income other than corporation tax III. Customs IV. Union excise duties Which one of the following is the correct descending order in terms of gross tax revenue?

Consider the following important sources of tax revenue for the Central Government : I. Corporation tax II. Taxes on income other than corporation tax III. Customs IV. Union excise duties Which one of the following is the correct descending order in terms of gross tax revenue? Correct Answer I-II-IV-III

The correct answer is I-II-IV-III.

Key Points

  • The correct descending order in terms of gross tax revenue is:
    • Corporation tax
    • Taxes on income other than corporation tax
    • Union excise duties
    • Customs

   Additional Information

  • Corporation tax:
    • Also known as Corporation Tax, corporate tax is the tax imposed by the Government of India on the net income or profit that corporate enterprises make from their businesses. 
    • It is a tax imposed on the net income of the company.
    • Corporate Income Tax is a Direct Tax.
    • The tax is imposed at a specific rate as per the provisions of the Income Tax Act, 1961.
    • In most nations, the Corporate Tax is levied at a national level and can also be levied at a State or local level.
  • Union excise duties:
    • This is a duty on manufactured goods, which is levied at the time of manufacture.
    • A part of indirect tax, excise duty is a levy on particular goods and is collected at the point of manufacture, but ultimately, the burden is passed on to the consumer.
    • The importance of excise duty is also clear from how it impacts the consumer.
  • Customs tax:
    • Customs Duty refers to the tax that is imposed on the transportation of goods across international borders.
    • It is a kind of indirect tax that is levied by the government on the imports and exports of goods.
    • Companies that are into the export-import business need to abide by these regulations and pay the customs duty as required.
    • Put differently, the customs duty is a kind of fee that is collected by the customs authorities for the movement of goods and services to and from that country.
    • The tax that is levied for the import of products is referred to as import duty, while the tax levied on the goods that are exported to some other country is known as export duty.

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