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Out of the following which contributes the minimum amount to the Government’s tax revenue ? 
1. Central excise 
2. Income tax 
3. Wealth tax 
4. Customs

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Correct Answer - Option 3 : Wealth tax 

The correct answer is a Wealth tax.

  • The minimum amount as a Government’s tax revenue is being received through a wealth tax.


  • Central excise - Excise Duty was implemented in India on 26 January 1944.
    • It is a type of Indian tax.
    • In the 1957 budget, then Finance Minister TT Krishnamachari had increased excise duty by 400 percent.
    • At present, this tax system is known as Central Value Added Tax (CENVAT).
  • Income tax - It is the tax that the government takes based on the income of the people.
    • According to the law, every business and person is eligible to pay tax or a tax return, and they have to file an income tax return every year.
  • Wealth Tax - The Wealth Tax Act 1957 incorporated the rules governing wealth tax in India.
    • The Act was amended in 1993 on the recommendation of the Chelliah Committee.
    • Wealth tax is a direct tax.
    • It is levied by the government on a person's personal property or capital.
  • Custom - Custom Duty or Customs tax is the tax that is levied on doing international business.
    • It is the tax that governments impose during the export as well as the import of goods.
    • It comes under the Central Board of Excise & Customs i.e. CBEC.

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