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Public Finance And Budget — Syllabus

Telangana Open School (TOSS) · Class 12 · Economics

What Public Finance And Budget covers in Telangana Open School (TOSS) Class 12 Economics: 4 topics, for the 2026-27 session.

44 questions30 flashcards3 formulas & key relations5 concepts

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4 Topics · Telangana Open School (TOSS) Class 12 Economics · 2026-27

Topics in Public Finance And Budget

1

Concept and Components of Public Finance

  • Public finance deals with the income and expenditure of public authorities like central, state, and local governments.
  • It includes three main components: public revenue, public expenditure, and public debt.
  • Modern governments use public finance to transform from a police state to a welfare state.
2

Public Revenue: Tax and Non-Tax Sources

  • Public revenue is classified into tax revenue and non-tax revenue.
  • Tax revenue includes direct taxes (like income tax) and indirect taxes (like GST, excise duty).
  • Non-tax revenue includes administrative fees, commercial profits (from PSUs), loans, and grants-in-aid.
3

Public Expenditure and Public Debt

  • Public expenditure refers to government spending on infrastructure, welfare, salaries, subsidies, etc.
  • It boosts income and employment in the economy.
  • Public debt arises when government spending exceeds revenue and borrowing becomes necessary.
4

Centre-State Financial Relations and Federal Finance

  • India follows a federal system where financial powers are divided between Centre and States.
  • The Constitution (Articles 268–281) defines tax powers: Centre taxes on corporations, customs; States on sales, land, vehicles.
  • States are financially dependent, so Centre provides grants-in-aid and shares tax revenue.

Key Concepts

Central concept: Public Finance

Public RevenuePublic ExpenditurePublic DebtCentre-State Financial RelationsFederal FinanceFinance CommissionBudget

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Frequently Asked Questions

What are the important topics in Public Finance And Budget for Telangana Open School (TOSS) Class 12 Economics?
Key topics in Public Finance And Budget include Concept and Components of Public Finance, Public Revenue: Tax and Non-Tax Sources, Public Expenditure and Public Debt, Centre-State Financial Relations and Federal Finance. Study these first, then practise questions on each for the Telangana Open School (TOSS) Class 12 board exam.
How should I revise Public Finance And Budget for the Telangana Open School (TOSS) Class 12 board exam?
Learn the core ideas first, then work through the 44 practice questions on Public Finance And Budget. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All Telangana Open School (TOSS) Class 12 Economics Syllabus

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