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The annual yield from which of the following Union Government taxes is the highest?
- a)Custom duties
- b)Corporation tax and income tax
- c)Inheritance tax, wealth tax, interest tax and gift tax
- d)Excise duties
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
The annual yield from which of the following Union Government taxes is...
Explanation:
Excise duties are taxes levied on goods produced within the country. The annual yield from excise duties is the highest among the given Union Government taxes. This is because excise duties are levied on a wide range of goods, including tobacco, alcohol, petroleum products, and various consumer goods.
Below are the reasons why the annual yield from excise duties is the highest among the given Union Government taxes:
• Wide range of goods: Excise duties are levied on a wide range of goods produced within the country, including both essential and luxury items. This makes it easier for the government to generate a high revenue from this tax.
• High tax rate: The tax rate on excise duties is generally high, which helps the government to generate a significant amount of revenue from this tax.
• Consumption-based tax: Excise duties are a consumption-based tax, which means that the tax is paid by the consumer when they purchase the goods. This makes it easier for the government to collect the tax and generate revenue.
• Inelastic demand: The demand for goods on which excise duties are levied is generally inelastic, which means that consumers are willing to pay a higher price for these goods. This makes it easier for the government to generate revenue from this tax.
Conclusion:
Hence, it can be concluded that the annual yield from excise duties is the highest among the given Union Government taxes due to the wide range of goods on which it is levied, high tax rate, consumption-based nature of the tax, and inelastic demand for the goods.
Excise duties are taxes levied on goods produced within the country. The annual yield from excise duties is the highest among the given Union Government taxes. This is because excise duties are levied on a wide range of goods, including tobacco, alcohol, petroleum products, and various consumer goods.
Below are the reasons why the annual yield from excise duties is the highest among the given Union Government taxes:
• Wide range of goods: Excise duties are levied on a wide range of goods produced within the country, including both essential and luxury items. This makes it easier for the government to generate a high revenue from this tax.
• High tax rate: The tax rate on excise duties is generally high, which helps the government to generate a significant amount of revenue from this tax.
• Consumption-based tax: Excise duties are a consumption-based tax, which means that the tax is paid by the consumer when they purchase the goods. This makes it easier for the government to collect the tax and generate revenue.
• Inelastic demand: The demand for goods on which excise duties are levied is generally inelastic, which means that consumers are willing to pay a higher price for these goods. This makes it easier for the government to generate revenue from this tax.
Conclusion:
Hence, it can be concluded that the annual yield from excise duties is the highest among the given Union Government taxes due to the wide range of goods on which it is levied, high tax rate, consumption-based nature of the tax, and inelastic demand for the goods.
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The annual yield from which of the following Union Government taxes is...
Excise duties
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The annual yield from which of the following Union Government taxes is the highest?a)Custom dutiesb)Corporation tax and income taxc)Inheritance tax, wealth tax, interest tax and gift taxd)Excise dutiesCorrect answer is option 'D'. Can you explain this answer?
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