ECONOMICS Indian Fiscal System ARIJIT BASU CHOWDHURY Target WBCS(EXECUTIVE)
About Me Graduate in History from St.Paul's Cathedral Mission College, Kolkata Interests: Fitness, Current Affairs ,Burning Issues, Music, News Analysis . You can follow me on UNACADEMY https:/lunacademy.com/userlArijitBasuChowdhury Life has two rules: 1) Never quit. 2) Always remember Rule #1 . Rate, Review & Recommend
Indian Fiscal System The Various source of Receipts o Revenue receipts : Revenue receipt may be divided into Tax Revenue and Non Tax Revenue T ax Revenues Tax revenues are either from direct taxes or indirect taxes. Direct tax generally means a tax paid directly to the government by the persons on whom it is imposed. Income Tax, Gift Tax, Wealth Tax and Property tax etc. are direct taxes Indirect tax is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer). Sales tax, Value Added Tax (VAT), Goods and Services tax (GST) or any other such tax is an indirect tax. Largest chunk of tax revenues of government of India currently comes from Corporation Tax, followed by Income Tax, followed by Union Excise duties, customs and thereafter service tax. . e The collection of service taxes is increasing over the last years. The amount collected under Direct Taxes (Corporatel Income/ wealth) is larger than under Indirect taxes Dividends and Profits Profits from RBl and Nationalized Banks , LIC,GIC etc
Indian Fiscal System Non-Tax Revenue Profit Dividend Money which the Government earns as "Dividends and profits" from its profit making public enterprises (PSUs). Interest Receipts: Interest which the Government earns on the money lent by it to external or internal borrowers. Thus this revenue receipts may be in foreign currency as well as Indian Rupees. The important source of these receipts are 1. Loans to state Governments and Union territories 2. Indian Railways 3. Department of telecommunication 4. Coo-Operative and government servants Fiscal Service The money which the government receives out of its fiscal services such as stamp printing, currency printing, medal printing etc.
Indian Fiscal System Money which the Government earns from its "General Services" such as power distribution, irrigation, banking services, insurance, and community service etc. which make the part of the Government business. Money which the government accrues as fees, fines, penalties etc Fiscal Services: 1. Circulation of Coins 2. Difference between the face value of coins and their manufacture cost 3.Penalties realized against economic offences Other General Service 1. Examination fees of UPSC,WBCS,SSC 2. Sales of forms , Passport and gazettes 3.Police supply to the states (CRPF,ITBP,CISF and BSF) . Social Service 1.Advertisement of Doordarshan and AIR, 2. Entry fees at the Museum 3.Public Health Centers Economic Service : 1.Animal Husbandry 2. Dairy and Fisheries 3. Forest and Tourism
Arijit Basu Chowdhury
Graduate in History from St.Paul’s Cathedral Mission College.My Philosophy is Being Basic and Being simple and show actually what you are 😊