The correct answer is: a) State Goods and Services Tax (GST).
GST is a consumption tax levied on the supply of goods and services. It is a destination-based tax, which means that the tax is levied in the state where the goods or services are consumed, not in the state where they are produced. GST is a major source of revenue for both the central government and the state governments.
In Assam, GST is the largest source of own tax revenue. In the financial year 2020-21, GST contributed 35.6% of Assam’s own tax revenue. The other major sources of own tax revenue for Assam are excise duty (23.5%), stamp duty (17.4%), and motor vehicle tax (10.5%).
Income tax is a tax levied on the income of individuals and businesses. It is a major source of revenue for the central government, but it is not a major source of revenue for the state governments. In Assam, income tax contributed only 2.5% of the state’s own tax revenue in the financial year 2020-21.
Property tax is a tax levied on the value of real property. It is a major source of revenue for local governments, but it is not a major source of revenue for the state governments. In Assam, property tax contributed only 1.4% of the state’s own tax revenue in the financial year 2020-21.
Excise duty is a tax levied on the manufacture, sale, or consumption of goods. It is a major source of revenue for the central government, but it is also a major source of revenue for the state governments. In Assam, excise duty contributed 23.5% of the state’s own tax revenue in the financial year 2020-21.
Motor vehicle tax is a tax levied on the registration and use of motor vehicles. It is a major source of revenue for local governments, but it is also a major source of revenue for the state governments. In Assam, motor vehicle tax contributed 10.5% of the state’s own tax revenue in the financial year 2020-21.