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With reference to contribution from taxes, consider the following statements:
1. Contribution from direct taxes is more than that from indirect taxes.
2. Corporation tax is the largest contributor.
Which of the statements given above is/are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
Since 2007-08, the contribution of direct tax has been more than indirect tax. Before this, the trend was opposite. Corporation tax is the largest contributor among the taxes.
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