What are the 5 major sources of revenue for the government?

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.

Public and private companies registered under the Companies Act, 1956, are liable to pay corporation tax.

Further readings:

  1. Previous Years Economics Mains Questions in UPSC Civil Service Exam, General Studies Paper – 3
  2. Economics Notes For UPSC IAS Examination

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