Public Finance And Budget — Flashcards

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Public finance refers to the income and expenditure of public authorities like the Central and State Governments. It deals with how the government raises money through taxes and other sources, and how…

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The three main components of public finance are: 1) Public Revenue – income collected by the government (e.g., taxes), 2) Public Expenditure – spending by the government (e.g., on roads, salaries), an…

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Public revenue is the income collected by the government from various sources. It is divided into two types: 1) Tax Revenue – income from taxes like income tax, GST, and excise duty, and 2) Non-Tax Re…

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Direct taxes are paid directly by individuals or companies to the government and cannot be shifted (e.g., Income Tax). Indirect taxes are levied on goods and services and can be passed on to consumers…

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GST (Goods and Services Tax) is an indirect tax introduced in India on July 1, 2017. It replaced multiple indirect taxes like VAT, excise duty, and service tax. GST is a comprehensive, multi-stage, de…

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The three types of GST are: 1) CGST (Central GST) – collected by the Central Government on intra-state sales, 2) SGST (State GST) – collected by the State Government on intra-state sales, and 3) IGST …

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Non-tax revenue is income received by the government from sources other than taxes. Examples include: 1) Administrative revenue (e.g., license fees, penalties), and 2) Commercial revenue (e.g., profit…

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Public expenditure refers to the money spent by the government on various activities for the welfare of citizens. It includes spending on infrastructure, salaries, subsidies, defense, and social servi…