WBCS.LIVE practice question

Major source of revenue in 2022-23 was the;

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Corporate Tax
  2. Income Tax
  3. Goods and Services Tax
  4. Customs Duty

Correct answer and explanation

Correct answer: Goods and Services Tax

Explanation: The Goods and Services Tax (GST) was the major source of revenue in 2022–23. 📚 Other Information: ▪️ Contributed over 50% of indirect tax revenue. ▪️ GST is a comprehensive indirect tax subsuming excise, service tax, and VAT. ▪️ Monthly GST collections in 2022–23 averaged around ₹1.5 lakh crore. ▪️ Highest-ever GST collection recorded was ₹1.87 lakh crore in April 2023. ▪️ GST is shared between Centre and States under Article 279A. ▪️ Managed by the GST Council, chaired by the Union Finance Minister. ▪️ Key revenue comes from manufacturing, services, and trade sectors. ▪️ Helps in reducing tax evasion through digital invoicing and e-way bills.