The primary source of revenue for the Mizoram government is a) State taxes.
State taxes are taxes levied by the state government on individuals and businesses within its jurisdiction. They are the main source of revenue for the state government and are used to fund a variety of services, including education, healthcare, and infrastructure.
The following are some of the major state taxes in Mizoram:
- 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 the manufacture and sale of certain goods, such as alcohol and tobacco.
- Property tax: This is a tax on the value of real estate.
State taxes are important because they provide a stable source of revenue for the state government. They also help to regulate the economy and to promote economic development.
Share of Central taxes is a tax that is levied by the central government and shared with the state governments. It is a major source of revenue for the state governments, but it is not the primary source of revenue.
Grants from the Central government are funds that are provided by the central government to the state governments. They are used to fund a variety of programs and projects, such as education, healthcare, and infrastructure.
Market borrowings are loans that are taken by the state governments from the financial markets. They are used to fund a variety of programs and projects, such as education, healthcare, and infrastructure.