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Q.

What share of the government revenue comes from income tax?

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a

20 %

b

16%

c

12%

d

8%

answer is B.

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Detailed Solution

About 16 per cent of all government revenue comes from income taxes.
Taxes and other income are the main sources of funding for the government. Both direct and indirect methods are used to collect taxes. Income taxes, real estate, personal property, and asset taxes are direct taxes. GST, customs duties, and tax withheld at source are examples of indirect taxes (TDS). In 2016–17, direct taxes (personal and corporate income taxes) made up 51.3% of total revenues, with indirect taxes making up the remainder. The percentage was 56.4 per cent in 2020–2021, with corporate tax at 28.1 per cent and personal income tax at 28.3 per cent.

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