Business Economics: Sources of Revenue Quiz
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Questions and Answers

What does the Centre's net tax revenue include?

  • Public sector enterprises' profits
  • Capital receipts
  • Receipts of union territories
  • States' share and NCCD (correct)
  • Which of the following is categorized under non-tax revenues?

  • Railways revenue
  • Capital receipts
  • Interest receipts (correct)
  • Communication services revenue
  • What type of revenue is generated by economic services according to the text?

  • Interest receipts
  • Capital receipts
  • Dividends from public sector enterprises
  • Energy revenue (correct)
  • Which of the following is NOT included in non-tax revenues?

    <p>General administrative services revenue</p> Signup and view all the answers

    Which statutory board is responsible for matters related to the levy and collection of goods and service taxes (GST), Customs, and central excise duties?

    <p>Central Board of Indirect Taxes and Customs (CBIC)</p> Signup and view all the answers

    What is a component of capital receipts according to the text?

    <p>Surplus transfers from Reserve Bank of India</p> Signup and view all the answers

    Which department administers and enforces regulatory measures concerning goods and services tax (GST), central sales tax, stamp duties, and other relevant fiscal statutes?

    <p>Department of Revenue</p> Signup and view all the answers

    Which board exercises control over matters relating to direct taxes like corporation tax and taxes on income?

    <p>Central Board of Direct Taxes (CBDT)</p> Signup and view all the answers

    What falls within the purview of CBIC in terms of levy and collection?

    <p>Union excise duties</p> Signup and view all the answers

    Which category of government receipts consists of tax revenue and non-tax revenue?

    <p>Revenue receipts</p> Signup and view all the answers

    Which source of revenue is classified under indirect taxes according to the text?

    <p>Customs duties</p> Signup and view all the answers

    Which statement about corporate tax is correct?

    <p>It is collected by the union government and can be a capital receipt or revenue receipt</p> Signup and view all the answers

    Government borrowings from foreign governments and institutions primarily:

    <p>Account for fiscal deficit</p> Signup and view all the answers

    What type of receipt does the recovery of loans represent in the hypothetical economy?

    <p>Capital receipt</p> Signup and view all the answers

    If salaries of government employees are considered in the context of revenue and expenditure figures, they are classified as:

    <p>Revenue expenditure</p> Signup and view all the answers

    In the context of CBIC, which entity is primarily responsible for collecting corporate tax?

    <p>Union government</p> Signup and view all the answers

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