The correct answer is Borrowing and other liabilities. Explanation & Key Takeaways: Union Budget 2021-22 Borrowings and other liabilities • Borrowings and other liabilities are considered as the income of the Central Government although it is liabilities on the Central Government. • Borrowings and other liabilities account for 20% of the total income of the Central Government. Income Tax • It is a tax that is levied on the income of individuals. • For taxation purposes income from all sources is added and taxed as per the income tax slabs of the individual. Corporation Tax • It is a tax levied on the income of corporate firms and corporations. • Companies both public and private which are registered in India under the companies act 1956 are liable to pay corporate tax. Goods and Services Tax • It is an indirect tax. It is a single domestic indirect tax law for the entire nation. • It is levied on the supply of goods and services. • Under GST the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged.