Arrange the following sources of revenue of the Central Government in

Arrange the following sources of revenue of the Central Government in ascending manner in terms of percentage contribution to the total revenues of the Central Government in 2023-24

Union Excise Duty, Custom, Corporation Tax, GST

Custom, Union Excise Duty, GST, Corporation Tax

Custom, Union Excise Duty, Corporation Tax, GST

Custom, GST, Union Excise Duty, Corporation Tax

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UPSC CAPF – 2024

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Based on the Union Budget 2023-24 estimates (‘Rupee Comes From’ chart), the percentage contribution of the given sources to the Central Government’s gross tax revenues are approximately: GST (17%), Corporation Tax (15%), Income Tax (15%), Union Excise Duty (7%), and Customs (4%). Arranging the four specified sources in ascending order of their percentage contribution: Customs (4%) < Union Excise Duty (7%) < Corporation Tax (15%) < GST (17%). This order is represented by option C.

Tax revenues are the primary source of funding for the Central Government’s expenditure. Understanding the relative contribution of different taxes (like GST, Corporation Tax, Income Tax, Excise, Customs) provides insight into the tax structure and its evolution over time.

Since the introduction of GST, it has become one of the largest contributors to the Central Government’s revenue, comparable to or exceeding Income Tax and Corporation Tax. Other significant sources include Union Excise Duty on products like petroleum and Customs duties on imports.

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