Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties

Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties
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(4) Union Excise Duties Explanation: Central excise revenue is the biggest single source of revenue for the Government of India. The Union Government tries to achieve different socio-economic objectives by making suitable adjustments in the scope and quantum of levy of Central Excise duty. Article 265 of the Constitution of India has laid down that both levy and collection of taxes shall be under the authority of law. The excise duty is levied in pursuance of Entry 45 of the Central List in Government of India Act, 1935 as adopted by entry 84 of List I of the seventh Schedule of the Constitution of India.
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Last Answer : answer:

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