What is revenue receipt?
Looks like you are also worried about revenue receipt and its exact meaning. Relax, I will guide you on that in the best possible way. Revenue receipts are those that don't result in any obligations or a claim against the government. There are 2 types of revenue receipts namely tax revenue and non-tax revenue. They are non-redeemable in nature.
Since a long time ago, tax revenues are the most important component of revenue receipts, which have been categorised into direct taxes, enterprises, and indirect taxes such as customs duties, excise taxes, and service taxes. On the other hand, non-tax revenues are periodic sums of money generated by the government through other sources than taxes. This is revenue receipts meaning. Now let’s see the 2 types of revenue receipts.
Tax Revenue:
Tax is the mandatory amount paid to the respective government by individuals, businesses and industries. Tax revenue is the total addition of all the taxes and all other duties paid by the taxpayer. The revenue generated through these taxes gets collected by the government's quota. It is used for the welfare and to provide better facilities to the residents. It is mainly classified into 2 categories namely “Direct Tax” and “Indirect Tax”.
Non-Tax Revenue:
Non-Tax Revenue is the amount collected by the government through other sources. It is not considered a tax amount. It is collected for the resources you are using like electricity supply, gas connection, water supply, loan interest, licence fees, other fees, penalties, communication service fees, escheats, etc. The individuals who are using all these facilities need to pay the service charges to the government. It is calculated as per your overall consumption and gets generated as a monthly bill. It is mandatory for everyone to pay the charges monthly for those who are using all these facilities.
Criteria of the revenue receipts:
1) It should not expose the government to any risk in any asset. It should be clear and carefully submitted to the government with all the details.
2) Revenue receipts are taxes imposed, however, any amount acquired by the government is not considered a revenue receipt.
3) There should be no reduction in assets.
It clears your doubt about what is revenue receipt.
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What is revenue receipt?
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2022-02-26T00:45:31+00:00 2022-02-26T00:45:32+00:00Comment
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