Question : Which among the following is the tax levied by the center and not shared with states?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Corporation tax
Option 4: Income tax
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Correct Answer: Corporation tax
Solution : The correct option is Corporation tax .
The Union Government, as the central authority, sets the tax rates and regulations governing corporation tax. The revenue collected from corporation tax contributes to the central government's funds, supporting a range of national-level endeavours, including infrastructure projects, defence, and other essential functions of the central administration.
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