IAS (Admin.) IAS Mains GS Paper 3 (Science-Tech, Economy, Environment, & Disaster Management) Indian Economy and Issues-Mobilization of Resources Study Material (Page 1 of 2)

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Tax Revenue and None Tax Revenue: Indian Economy: Public Revenue, Tax and None Tax Revenue, Direct Taxes

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Tax Revenue

Tax is compulsory payment imposed by the government. The primary and the most important source of revenue for the government are from taxes.

The Most Important Source of Revenue
Classification of taxesDefinitionExamples
Direct taxImpact and incidence on the same person.Income tax, Corporation tax, Capital gains tax
Indirect taxImpact can be shifted to other person. Therefore, impact and incidence on different persons.Custom duty, excise duty, Goods and Services tax (GST)

Direct Taxes

  • Income tax: tax which is levied on the total income of the individual who has to pay tax after reducing the prescribed deductions.
  • In India, first income…

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GsT in India: Formation of GsT, GsT Council, GsT Rates

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  • There are big reforms in the indirect tax system in India in the form of GST. GST is an indirect tax which is levied on goods and services in India. It has subsumed the many indirect taxes, so it is called comprehensive. It is also called multi staged because it is levied at every step of the production process.
  • In In…

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