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PYQ 1200 Q/A Part - 1
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Kerala PSC Indian Economy Book Study Materials Page 477
Book's First Pageli inan e in ndia 18.5 revenue the country (i.e., external lending). It means this income might be in both Every form of money generation in the nature domestic and foreign currencies. of income, earnings are revenue for a firm or a government which do not increase financial (iii) Fiscal services also generate incomes for liabilities of the government, i.e., the tax incomes, the government, i.e., currency printing, non-tax incomes along with foreign grants. stamp printing, coinage and medals minting, etc. non-revenue (iv) General Services also earn money for the Every form of money generation which is not government as the power distribution, income or earnings for a firm or a government irrigation, banking, insurance, (i.e., money raised via borrowings) is considered community services, etc. a non-revenue source if they increase financial (v) Fees, Penalties and Fines received by the liablities. government. (vi) Grants which the governments receives— receiPts it is always external in the case of the Every receiving or accrual of money to a Central Government and internal in the government by revenue and non-revenue sources case of state governments. is a receipt. Their sum is called total receipts. It includes all incomes as well as non-income revenue exPenDiture accruals of a government. All expenditures incurred by the government are either of revenue kind or current kind or compulsive revenue receiPts kind. The basic identity of such expenditures is that Revenue receipts of a government are of two they are of consumptive kind and do not involve kinds—Tax Revenue Receipts and Non-tax creation of productive assets. They are either used Revenue Receipts—consisting of the following in running of a productive process or running a income receipts in India: government. A broad category of things that fall under such expenditures in India are: tAx revenue receiPts (i) Interest payment by the government on This includes all money earned by the government the internal and external loans; via the different taxes the government collects, i.e., (ii) Salaries, Pension and Provident Fund all direct and indirect tax collections. paid by the government to government employees; non-tAx revenue receiPts (iii) Subsidies forwarded to all sectors by the This includes all money earned by the government government; from sources other then taxes. In India they are: (iv) Defence expenditures by the government; (i) Profits and dividends which the (v) Postal Deficits of the government; government gets from its public sector (vi) Law and order expenditures (i.e., police undertakings (PSUs). & paramilitary); (ii) Interests recieved by the government out (vii) Expenditures on social services (includes of all loans forwarded by it, be it inside the all social sector expenditures as education, country (i.e., internal lending) or outside health care, social security, poverty