16 Questions
What does the Centre's net tax revenue include?
States' share and NCCD
Which of the following is categorized under non-tax revenues?
Interest receipts
What type of revenue is generated by economic services according to the text?
Energy revenue
Which of the following is NOT included in non-tax revenues?
General administrative services revenue
Which statutory board is responsible for matters related to the levy and collection of goods and service taxes (GST), Customs, and central excise duties?
Central Board of Indirect Taxes and Customs (CBIC)
What is a component of capital receipts according to the text?
Surplus transfers from Reserve Bank of India
Which department administers and enforces regulatory measures concerning goods and services tax (GST), central sales tax, stamp duties, and other relevant fiscal statutes?
Department of Revenue
Which board exercises control over matters relating to direct taxes like corporation tax and taxes on income?
Central Board of Direct Taxes (CBDT)
What falls within the purview of CBIC in terms of levy and collection?
Union excise duties
Which category of government receipts consists of tax revenue and non-tax revenue?
Revenue receipts
Which source of revenue is classified under indirect taxes according to the text?
Customs duties
Which statement about corporate tax is correct?
It is collected by the union government and can be a capital receipt or revenue receipt
Government borrowings from foreign governments and institutions primarily:
Account for fiscal deficit
What type of receipt does the recovery of loans represent in the hypothetical economy?
Capital receipt
If salaries of government employees are considered in the context of revenue and expenditure figures, they are classified as:
Revenue expenditure
In the context of CBIC, which entity is primarily responsible for collecting corporate tax?
Union government
Test your knowledge of the sources of revenue in business economics, including direct and indirect union taxes, GST, central sales tax, and stamp duties. Explore the role of the Department of Revenue in controlling revenue matters and enforcing fiscal statutes.
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