As per the Economic Survey 2007-2008, which one of the following is the largest source of revenue of the Government of India?

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Q: 74 (CDS-II/2008)
As per the Economic Survey 2007-2008, which one of the following is the largest source of revenue of the Government of India?

question_subject: 

Economics

question_exam: 

CDS-II

stats: 

0,39,41,27,12,39,2

keywords: 

{'economic survey': [0, 1, 1, 0], 'revenue': [3, 2, 3, 11], 'india': [8, 1, 7, 13], 'largest source': [0, 1, 2, 2], 'personal income tax': [0, 0, 2, 0], 'corporation tax': [0, 1, 0, 2], 'customs duties': [0, 0, 1, 1], 'government': [5, 0, 0, 1], 'excise duty': [0, 0, 0, 1]}

According to the Economic Survey 2007-2008, the largest source of revenue for the Government of India is option 3, which is Corporation Tax.

To understand this, let`s briefly explain each option:

Option 1: Excise Duty is a tax imposed on the production or sale of certain goods within a country. While it contributes to government revenue, it is not the largest source.

Option 2: Personal income tax is a tax levied on the income of individuals. Although personal income tax is an important revenue source, it is not the largest according to the Economic Survey.

Option 3: Corporation Tax is a tax imposed on the profits of corporations. This option is the correct answer provided in the question. It indicates that the highest revenue for the Government of India comes from taxes imposed on corporate profits.

Option 4: Customs Duties are taxes levied on goods imported or exported across international borders. While customs duties contribute to government revenue, they are not the largest source according to the Economic Survey.

In summary, based on the Economic Survey 2007-2008, the largest source of revenue for the Government of India is Corporation Tax.

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