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Among the tax revenues of the Union Government, the most important source is
- a)Income Tax
- b)Customs Duty
- c)Corporation Tax
- d)Union Excise Duties
Correct answer is option 'D'. Can you explain this answer?
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Among the tax revenues of the Union Government, the most important sou...
Union Excise Duty
Union excise duty is a type of indirect tax on goods manufactured in India.
Union excise duty is a type of indirect tax on goods manufactured in India.
Description: Union excise duties are levied in accordance with the rates mentioned in Schedule I and II of the Central Excise Tariff Act, 1985. The taxable event here is the ‘Manufacture’.
The burden of taxation is, however, passed on to the consumers by the manufacturer. When the rate of valuation is on ad valorem basis, the following methods are employed for the valuation of the excisable goods:
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Among the tax revenues of the Union Government, the most important sou...
Importance of Union Excise Duties in Tax Revenues
• Union Excise Duties are taxes levied by the Union Government on the production, manufacture, and sale of certain goods within the country.
• It is an indirect tax, which means it is collected from the consumers who ultimately bear the burden of the tax.
• Union Excise Duties are one of the most important sources of tax revenue for the Union Government.
• The revenue collected from Union Excise Duties is used to fund various developmental and welfare programs of the government.
• It also helps to regulate the consumption of certain goods in the country by making them more expensive.
• The list of goods on which Union Excise Duties are levied include petroleum products, cigarettes, alcohol, and various other products.
• The rates of Union Excise Duties are revised periodically by the government depending on the need to increase revenue or discourage consumption.
Conclusion
• In conclusion, Union Excise Duties are an important source of tax revenue for the Union Government as they help to fund various developmental and welfare programs of the government.
• Union Excise Duties are taxes levied by the Union Government on the production, manufacture, and sale of certain goods within the country.
• It is an indirect tax, which means it is collected from the consumers who ultimately bear the burden of the tax.
• Union Excise Duties are one of the most important sources of tax revenue for the Union Government.
• The revenue collected from Union Excise Duties is used to fund various developmental and welfare programs of the government.
• It also helps to regulate the consumption of certain goods in the country by making them more expensive.
• The list of goods on which Union Excise Duties are levied include petroleum products, cigarettes, alcohol, and various other products.
• The rates of Union Excise Duties are revised periodically by the government depending on the need to increase revenue or discourage consumption.
Conclusion
• In conclusion, Union Excise Duties are an important source of tax revenue for the Union Government as they help to fund various developmental and welfare programs of the government.
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Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer?
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Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer?.
Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Among the tax revenues of the Union Government, the most important source isa)Income Taxb)Customs Dutyc)Corporation Taxd)Union Excise DutiesCorrect answer is option 'D'. Can you explain this answer?.
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