Best answer: Which of the following are major sources of tax revenue?

The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Other sources of tax revenue include excise taxes, the estate tax, and other taxes and fees.

What are the major sources of revenue of the government?

Government also gets money from sin taxes, loans, donations and investments. Local government gets most of its income from selling electricity and water and from a special tax on property called `property rates’. They also get grants from national Treasury for infrastructure and for the equitable share.

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

In accordance with this system, the revenue of the central government includes tariff, consumption tax and value added tax levied by the customs, consumption tax, income tax of the enterprises subordinate to the central government, income taxes of the local banks, foreign-funded banks and non-bank financial

What are the sources of revenue?

2 Main Sources of Government Revenue in India

  • Union Excise Duties: …
  • Customs: …
  • Income Tax: …
  • Corporation Tax: …
  • Wealth Tax: …
  • Gift Tax: …
  • Capital Gains Tax: …
  • Hotel Expenditure Tax:

What are the two kinds of tax revenue?

The most important revenue receipts for the government, taxes are involuntary fees levied on individuals and corporations to finance government activities. Revenue receipts can be of two types — non-tax revenue and tax revenue. Tax revenue is the income gained by the government through taxation.

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What were the two main sources of revenue?

Explanation: ➡Taxes and trade were the two main sources of revenue. ➡ Excise taxes, the estate tax, and other taxes and fees.

Which tax is largest source of revenue in India?

Direct taxes (personal income tax and corporate tax) accounted for 51.3% of total revenues in 2016-17 and the rest came from indirect taxes. In 2020-21, the figure stood at 56.4%, corporate tax at 28.1% and personal income tax at 28.3%.

What is intergovernmental revenue?

Intergovernmental Revenue included all revenues from federal, state and other local government sources. These funds came in the form of grants, shared revenues, and payments in lieu of taxes. Nearly half of all Intergovernmental revenues collected (52.97%) was State Shared Revenues. …

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