Question

As per Union Budget 2024-25, arrange the following sources of revenue in ascending order in terms of their contribution to the overall revenue of the central government for 2023-24: 

(A) GST and other related taxes 
(B) Income Tax 
(C) Union Excise Duties 
(D) Corporate Tax 
Choose the correct answer from the options given below: 
 

• A. (A), (B), (C), (D)
• B. (D), (A), (C), (B)
• C. (C), (B), (A), (D)
• D. (C), (D), (B), (A)

Hint:

GST has become one of the largest sources of revenue, followed by income tax and excise duties, with corporate taxes contributing the least.

Answer 1

The Correct Option is A

 

Step 1: Overview of revenue sources. 
The main sources of government revenue include taxes on goods and services, income taxes, excise duties, and corporate taxes. For 2023-24, the contribution of each source will follow this order.

Step 2: Understanding the Revenue Contribution: 
- (A) GST and other related taxes form a significant portion of the government's revenue. 

- (B) Income tax contributes heavily, especially due to individual and corporate taxes. 

- (C) Union Excise Duties are still significant but have a smaller share compared to GST and Income Tax. 

- (D) Corporate Tax is important but typically less than income tax.

Step 3: Correct Order. 
The correct order, from the least to the most contributing source is: - First, GST and other related taxes (A) - Then, Income Tax (B) - Followed by Union Excise Duties (C) - Finally, Corporate Tax (D).

Step 4: Conclusion. 
The correct order is (A), (B), (C), (D), making option (1) the correct answer.