The correct answer is: a) Taxes (GST, Income Tax, etc.)
Taxes are the main source of revenue for the Meghalaya government. In 2020-21, taxes accounted for 67% of the state’s total revenue. The main taxes collected by the Meghalaya government are:
- Income tax: This is a tax on the income of individuals and businesses.
- Sales tax: This is a tax on the sale of goods and services.
- Excise duty: This is a tax on goods such as alcohol and tobacco.
- Custom duty: This is a tax on goods imported into the country.
Grants from the Central government are another important source of revenue for the Meghalaya government. In 2020-21, grants from the Central government accounted for 20% of the state’s total revenue. These grants are given to the state government by the Central government for various purposes, such as development projects, disaster relief, and social welfare.
Foreign aid is a relatively small source of revenue for the Meghalaya government. In 2020-21, foreign aid accounted for 3% of the state’s total revenue. This aid is given to the state government by foreign governments and organizations for various purposes, such as development projects, disaster relief, and social welfare.
Lottery proceeds are a very small source of revenue for the Meghalaya government. In 2020-21, lottery proceeds accounted for 0.1% of the state’s total revenue. The Meghalaya government runs a lottery scheme, and the proceeds from this scheme are used to fund various government programs.