In India, the tax proceeds of which one of the following as a percenta

1.	In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years ?1. Service tax2. Personal income tax 3. Excise duty4. Corporation tax
Answer» Correct Answer - Option 3 : Excise duty The correct answer is Excise duty. The share of the “Excise duty” which was 41.3% in 1991-92, declined to 25.1% in 2006-07. It is the most that have declined in the last 5 years. The contribution of Corporation tax has maximum share followed by income tax. Service tax - Service tax is a type of indirect tax that is levied on services rendered by an individual. It is an indirect tax since it is charged by the service provider from the person receiving the service in their business transactions. Personal income tax - A tax is a compulsory fee or financial charge levied by the government on an individual or institution to raise revenue. The total amount of tax collected is to be utilized under the various public schemes. The percentage of income tax a person has to pay depends on the income slabs he falls under. Excise Duty - Excise Duty is a type of indirect tax. These are imposed on the production or manufacturing of goods. Corporation tax - Corporate tax is levied on companies. It is levied on all types of companies such as private, limited, listed, and unlisted.

In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years ?1. Service tax2. Personal income tax 3. Excise duty4. Corporation tax

Answer» Correct Answer - Option 3 : Excise duty

The correct answer is Excise duty.

The share of the “Excise duty” which was 41.3% in 1991-92, declined to 25.1% in 2006-07.
It is the most that have declined in the last 5 years.
The contribution of Corporation tax has maximum share followed by income tax.

Service tax - Service tax is a type of indirect tax that is levied on services rendered by an individual.
- It is an indirect tax since it is charged by the service provider from the person receiving the service in their business transactions.
Personal income tax - A tax is a compulsory fee or financial charge levied by the government on an individual or institution to raise revenue.
- The total amount of tax collected is to be utilized under the various public schemes.
- The percentage of income tax a person has to pay depends on the income slabs he falls under.
Excise Duty - Excise Duty is a type of indirect tax.
- These are imposed on the production or manufacturing of goods.
Corporation tax - Corporate tax is levied on companies.
- It is levied on all types of companies such as private, limited, listed, and unlisted.