Question

Which one of the following sets of sources of revenue belongs to the Union Government alone?

• A. Interest Tax, Gift Tax, Holding Tax
• B. Wealth Tax, Land Revenue, Octroi
• C. Income Tax, Sales Tax, Union Excise Duties
• D. Corporate Tax, Customs Duties

Answer 1

Answer: (D)

Corporate Tax, Customs Duties

Corporate tax and customs duties are included in the union taxes. It is laid down in List-I, Seventh Schedule of the Constitution of India.