The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation in the given link.
Explore The Ultimate Guide to IAS Exam Preparation
Public and private companies registered under the Companies Act, 1956, are liable to pay corporation tax.
Further readings:
- Previous Years Economics Mains Questions in UPSC Civil Service Exam, General Studies Paper – 3
- Economics Notes For UPSC IAS Examination
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