Q1. Which of the following is the primary source of revenue for the central government in India?
a) Corporate tax
b) Income tax
c) Goods and Services Tax (GST)
d) Customs duty
Correct Answer: c) Goods and Services Tax (GST)
Explanation: The Goods and Services Tax (GST) is the primary source of revenue for the central government in India. It is an indirect tax levied on the supply of goods and services, replacing multiple taxes like excise duty, service tax, and value-added tax (VAT).
Q1. Which of the following is the primary source of revenue for the central government in India?
a) Corporate tax
b) Income tax
c) Goods and Services Tax (GST)
d) Customs duty
Correct Answer: c) Goods and Services Tax (GST)
Explanation: The Goods and Services Tax (GST) is the primary source of revenue for the central government in India. It is an indirect tax levied on the supply of goods and services, replacing multiple taxes like excise duty, service tax, and value-added tax (VAT).
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Q1. Which of the following is the primary source of revenue for the central government in India?
a) Corporate tax
b) Income tax
c) Goods and Services Tax (GST)
d) Customs duty
Correct Answer: c) Goods and Services Tax (GST)
Explanation: The Goods and Services Tax (GST) is the primary source of revenue for the central government in India. It is an indirect tax levied on the supply of goods and services, replacing multiple taxes like excise duty, service tax, and value-added tax (VAT).
Q1. Which of the following is the primary source of revenue for the central government in India?
a) Corporate tax
b) Income tax
c) Goods and Services Tax (GST)
d) Customs duty
Correct Answer: c) Goods and Services Tax (GST)
Explanation: The Goods and Services Tax (GST) is the primary source of revenue for the central government in India. It is an indirect tax levied on the supply of goods and services, replacing multiple taxes like excise duty, service tax, and value-added tax (VAT).