In India the tax proceeds of which one of the following as a of gross tax revenue has significantly ...........

Economic Affairs Tax System

In India, the tax proceeds of which one of the following as a % of gross tax revenue has significantly declined in the last five years?

Service tax

Personal Income Tax

Excise duty

Corporation tax

- Option 1: Service tax

- Service tax was replaced by the Goods and Services Tax (GST) in 2017, so it's no longer applicable as a separate component of tax revenue.

- Option 2: Personal Income Tax

- It generally shows steady growth, reflecting economic growth and increased compliance.

- Option 3: Excise duty

- Excise duty collections have declined significantly due to GST implementation, which subsumed many indirect taxes.

- Option 4: Corporation tax

- Foundational but has seen variations primarily due to corporate tax rate cuts and economic factors.

Correct Option: 3, Excise duty

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