BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Which one of the following sources is not considered as a source of Government revenue?

A	Taxes
B	Surplus of Public Enterprises
C	Mobilisation of internal loan and deposits
D	Transfer Payments

Explanation:

Detailed explanation-1: -Transfer payments are not a source of revenues for government. Transfer payments are those transactions which are not related with the production of goods and services.

Detailed explanation-2: -Fines are not an important source of revenue to the government.

Detailed explanation-3: -The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation in the given link. Download The E-Book Now!

Detailed explanation-4: -Hence, public debt cannot be called a source of income for the government.

Detailed explanation-5: -The primary sources of revenue for the U.S. government are individual and corporate taxes, and taxes that are dedicated to funding Social Security, and Medicare. This revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing.

There is 1 question to complete.