Which of the following is/are the Non-tax Revenue components of the Union Budget of India?begin{enumerate}item Customs Dutiesitem Interest Receiptsitem Dividends and Profitsend{enumerate} Select the correct answer using the codes given below:

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following is/are the Non-tax Revenue components of the Union Budget of India?

A	Only 1
B	Only 2
C	2 and 3
D	Only 3

Explanation:

Detailed explanation-1: -The correct answer is II and III. Non Tax Revenue Receipts are those revenue receipts that are not generated by Taxing the public. Money which the Government earns from its profit-making public enterprises (PSUs) is called “Dividends and profits”.

Detailed explanation-2: -Interest receipts and dividends and profits are the examples of non-tax revenue components of the Union Budget of India, that means, tax revenue cannot be collected by the government from these items.

Detailed explanation-3: -What is non-tax revenue in India? Interest Receipts, Dividends and Profits. Apart from receipts on account of interest on loans by the Central Government, this Section comprises dividends and profits from public sector enterprises.

Detailed explanation-4: -Non Tax Revenue Receipts are those revenue receipts that are not generated by taxing the public. Example of non-tax revenue includes revenue from power distribution, irrigation, banking services, insurance, and community services, etc.

Detailed explanation-5: -Gift tax belonged to direct taxes which does not have much significance in terms of revenue yield. It is not a non-tax receipt.

There is 1 question to complete.