WBCS.LIVE practice question

The major source of revenue in 2022-23 was

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: āœ… Correct Answer: C) Goods and Services Tax šŸ“š Explanation: The 'Goods and Services Tax' (GST) became the largest single source of revenue for the Indian government in the 2022-23 year. It has surpassed income tax and corporate tax. Since it started in 2017, GST has unified many different taxes into one system. It represents the successful transition to a "one nation, one tax" economic model.