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WBCS Preliminary Examination 2023 — General Studies · Question 162 of 200

Q162
Indian EconomyPublic Finance, Budget & Taxation
The major source of revenue in 2022-23 was
  1. a.Corporate Tax
  2. b.Income Tax
  3. c.Goods and Services Tax
  4. d.Customs Duty

Answer: (C) Goods and Services Tax

Among the four taxes listed, Goods and Services Tax brought the Centre the most revenue in 2022–23: roughly ₹8.5 lakh crore, narrowly ahead of corporation tax and personal income tax (about ₹8.3 lakh crore each), with customs far behind at about ₹2.1 lakh crore. In the Budget's "Rupee Comes From" chart for 2022–23, borrowings supplied 35 paise, GST 16, corporation tax 15, income tax 15, excise 7 and customs 5. GST was introduced on 1 July 2017 by the 101st Amendment, and the GST Council is set up under Article 279A. In the years after 2022–23 personal income tax has overtaken both GST and corporation tax.

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