BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Which one of the following is a source of non-tax revenue for Government of India?

A	Import duty on cars
B	Octroi at cheek points on roads
C	Entrance fee on museums
D	Excise duty on beverages

Explanation:

Detailed explanation-1: -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-2: -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-3: -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-4: -Non-tax revenue refers to the revenue received by the government administration, public enterprises, gifts and grants etc. These sources are different than the taxes.

There is 1 question to complete.