Question

Give two sources of revenue receipts.

Answer 1

1. Tax Revenue: The most important source of government revenue is taxes. A tax is a compulsory payment imposed by the government on individuals and businesses without any direct return of goods or services. The key feature of a tax is its compulsory nature – people have no choice but to pay it.
   (e.g., Income Tax, GST)
2. Non-Tax Revenue: Besides taxes, the central government gets revenue from other sources which are collectively called non-tax revenue. The main sources of non-tax revenue are as under:
   (e.g., Interest receipts, Fees, Dividends from Public Sector Enterprises)