ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Tax is one of the major sources of revenue for the government to carry out its work. Tax revenue can be classified into a few major categories-corporation tax, tax on income, Customs, Union excise duties, service tax, and several others.

Detailed explanation-3: -Q. The Government of India earns tax and non-tax revenues to carry out various functions like providing public goods, implementing welfare schemes related to education and food, and managing the day-to-day functions of the country.

Detailed explanation-4: -Public revenue is the government’s income from various sources. There are two types of public revenue mentioned in Dalton in his “Theory of Public Finance”. Income from taxes and goods and services of public enterprises, administrative activities such as fees, fines, etc.