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Revision: Banking in India >> Public Revenue Economics (English Medium) ICSE Class 10 CISCE

Definitions [1]

Definitions: Taxes

According to Prof. Taussig: “The essence of a tax as distinguished from other charges by government is the absence of a direct quid pro quo between the tax payer and the public authority.”
According to Prof. Seligman: “A tax is a compulsory contribution from the person to the government without reference to special benefits conferred.”

Key Points

Key Points: Public Revenue

Public revenue is the total income collected by the government from different sources.
It is needed to finance public expenditure and is a core topic in public finance and economics.
The two main sources of public revenue are tax revenues and non‑tax revenues.

Key Points: GST(Economics)

Goods and Services Tax (GST) is a single nationwide tax on the supply of goods and services, introduced in India on 1 July 2017 to replace many central and state indirect taxes.

It merges taxes like excise duty, service tax, VAT, entry tax and entertainment tax into one system.
Main parts: CGST (centre share on within‑state supply), SGST (state share on within‑state supply), IGST (centre tax on between‑state supply), plus compensation to states for revenue loss.
Aims: create one common national market, simplify taxes, reduce cascading, lower prices, boost investment, industry, exports and employment.