As per proposals of Union Budget of 2016-17, which of the following tax contributes maximum share out…
The 2016–17 Budget estimates placed corporation tax at ₹493, 923 crore, above income tax ₹353, 174 crore, Union excise ₹318, 670 crore and customs ₹230, 000 crore.…
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As per proposals of Union Budget of 2016-17, which of the following tax contributes maximum share out of total tax revenue collection ?
Answer and explanation
Correct answer A
The 2016–17 Budget estimates placed corporation tax at ₹493, 923 crore, above income tax ₹353, 174 crore, Union excise ₹318, 670 crore and customs ₹230, 000 crore. Corporation tax therefore contributes the largest share among the offered tax heads; percentages need not be computed because all share the same total denominator.
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UGC NET Economics