The Government of India earns maximum revenue from Union Excise Duty which is indirect tax levied and collected on the goods manufactured in India and Consumed within the country.
Which of the following tax gives maximum revenue to the government of India?
The Central Government derives maximum revenue from an indirect tax. Complete answer: Incomes that are earned by people and corporate entities, those are to be levied by direct taxes.
What does the government spend the most money on?
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
Which tax is the major source of revenue for central government?
Union Excise Duties:
They are, presently, by far the leading source of revenue for the Central Government and are levied on commodities produced within the country, but excluding those commodities on which State excise is levied (viz., liquors and narcotic drugs).
What are the 5 sources of income?
5 Heads of Income for Computation of Income Tax
- House Property.
- Profits and Gains of Business or Profession.
- Capital Gains.
- Other Sources.
How much money does Indian government have 2020?
For year 2020-21: Nominal growth of GDP estimated at 10 per cent. Receipts: estimated at Rs 22.46 lakh crore (US$ 317.90 billion) Expenditure: at Rs 30.42 lakh crore (US$ 430.57 billion)
What is India’s main source of income?
It is the service sector which is the main source of national income. Therefore service sector contribute more than 50% of the GDP. But it is the agricultural sector which employs more than 50% of the population. In that sense, more number of people in India are supported by agriculture.
What are the top 5 things the government spends money on?
The federal government spends a lot of money. In 2019, for example, the government spent a total of around $4.4 trillion.
- Government Debt. …
- Social Security. …
- Medicare. …
- Other Health Care. …
- National Defense. …
- Veterans Benefits. …
- Income Security or Safety Net Programs. …
How much money has the government spent in 2021?
In 2021, the federal government is projected to spend $6.8 trillion — higher than even last year’s total — while collecting about $3.8 trillion in revenue.
How much does welfare cost the US?
According to the data for 2018, USD 432.8 billion was spent on welfare programs, exceeding the amount allegedly spent on police sector, as claimed by Politicano.
How Much U.S. Spends on Welfare and Statistics Spread by Politicano.
|Category||Other Welfare Programs|
|Cost 2018 billion$||432.8|
|Cost 2017 billion$||454.3|
|Cost 2016 billion$||461.5|
|Cost 2015 billion$||463.5|