Largest contributor to total tax revenue of the government

The largest contributor to the total tax revenue of the government (Central state and union territory administrations) is corporation tax.

Explanation:

Corporation tax refers to the tax levied on the income or capital of companies or firms. It is a direct tax that is paid by the companies on their profits. Corporation tax is one of the major sources of revenue for the government. The revenue generated through corporation tax is used for various purposes such as infrastructure development, welfare schemes, defense, etc.

Other taxes like income tax, customs duties, and excise duties are also important sources of revenue for the government. However, the contribution of corporation tax is comparatively higher than these taxes.

Income tax refers to the tax levied on the income of individuals, firms, and companies. It is also a direct tax. The revenue generated through income tax is used for various purposes such as education, healthcare, social welfare, etc.

Customs duties refer to the tax levied on the import and export of goods. It is an indirect tax that is paid by the importer or exporter of goods. The revenue generated through customs duties is used for various purposes such as infrastructure development, security, etc.

Excise duties refer to the tax levied on the production and sale of goods. It is also an indirect tax that is paid by the manufacturer or seller of goods. The revenue generated through excise duties is used for various purposes such as education, healthcare, etc.

Conclusion:

In conclusion, corporation tax is the largest contributor to the total tax revenue of the government. The revenue generated through this tax is used for various purposes such as infrastructure development, welfare schemes, defense, etc. Though other taxes like income tax, customs duties, and excise duties are also important sources of revenue for the government, the contribution of corporation tax is comparatively higher than these taxes.