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Question

Public revenue includes which of the following _______.



A
tax revenue
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B
non-tax revenue
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C
capital receipts
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D
all the above
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Solution

The correct option is C all the above

Public revenue includes all the following:

  • Tax revenue: revenue earned by the government by taxing people is called tax-revenue. It is of two types:

  1. Direct tax: tax paid to the government directly. Examples include income tax, gift tax, wealth tax, property tax, etc.
  2. Indirect tax: this tax is collected by an intermediary person from the person who ultimately bears the burden. Examples are sales tax, value-added tax (VAT), goods and services tax (GST), etc.

  • Non-tax Revenue: Non Tax Revenue Receipts are those revenue receipts which are not generated by taxing the public. Examples of non-tax revenue includes revenue from power distribution, irrigation, banking services, insurance, and community services, etc. which make the part of Government business.

  • Capital receipts: this is the income flow from one of the following sources. Cash from the sale of fixed assets, Cash from the sale of shares in the business, Cash from the issuance of a debt instrument which includes loans and bonds.


Economics

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