Question

1. Major sources of non-oil income come from:

Answer 1

Non-Oil Income :- The Non-Oil Income or Reveue (NONR) is all income types not covered by oil resources are grouped as non-oil income. It includes company income tax, customs and excise duties, value-added tax are the three most important sources of non-oil Income.
1. Income tax:- Income Tax is a direct tax that a government charges on the income of its citizens. The government can alter the income slabs and tax rates every year in its Union Budget. This tax includes income from house property, profits, gain from profession, capital gains etc.
2. Value Added Tax:- VAT is consumption tax placed on a product or good whenever value is added at each stage of the supply chain from production to sale. It is on the price of a product or service.
3. Custom and Excise Duty:- It is an indirect tax paid to the government by the producers of goods. The excise duty is imposed by government on the goods manufactured in the country. The custom duty is a tax imposed upon imported goods.