Which of the following statement/statements are true?
Statement 1: Professional tax is imposed by State Government.
Statement 2: Revenue deficit is that in which revenue receipts are more than revenue expenditure.
Answer & explanation
Correct answer: option 3
The correct answer is Option 3: Statement 1 is true and Statement 2 is false
Statement 1: Professional tax is imposed by State Government. This is true.
Statement 2: Revenue deficit is that in which revenue receipts are more than revenue expenditure. Professional tax is imposed by State Government. This is false. Revenue deficit is that in which revenue receipts are LESS than revenue expenditure.