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

Revenue Source Overview: The primary government revenue streams consist of taxes on goods and services, income taxes, excise duties, and corporate taxes. The projected contribution order for 2023-24 is as follows.

Revenue Contribution Analysis: 
- (A) Goods and Services Tax (GST) and associated taxes represent a substantial segment of government revenue.

- (B) Income tax, encompassing both individual and corporate contributions, is a significant revenue generator.

- (C) Union Excise Duties remain important but contribute less than GST and Income Tax.

- (D) Corporate Tax is a vital component, though generally yielding less revenue than overall income tax.

Determining the Correct Order: 
Arranging the revenue sources from the least to the most contributing yields the following sequence: Union Excise Duties (C), Corporate Tax (D), Income Tax (B), and finally GST and related taxes (A). There appears to be a contradiction in the original text's ordering.

Clarification of Order: Based on the analysis, the correct order from least to most contributing is (C), (D), (B), (A). The original text's final conclusion is inconsistent with its preceding points.