Practicing Success
Match List I with List II
Choose the correct answer from the options given below: |
A-II, B-IV, C-III, D-I A-I, B-II, C-III, D-IV A-III, B-II, C-I, D-IV A-IV, B-III, C-II, D-I |
A-II, B-IV, C-III, D-I |
Direct taxes are the taxes whose burden directly falls on the individual. They are progressive in nature which means that the burden on the rich is more as compared to the poor. For example- Income tax, Corporate tax Non-tax revenue receipts are those receipts of the government which are received from sources other than taxes. For example- Fees, Fines, Grants, etc. Thus, cash grants-in-aid from foreign countries will be a non-tax revenue receipt. Indirect taxes are the taxes whose burden directly falls on the manufacturers and indirectly on the consumer. They are regressive in nature which means that all pay the same amount of tax irrespective of their income level. Fpr example- Custom duties, Goods and Service tax, etc. Capital receipts refer to those receipts that either result in the creation of liability (for example- borrowings) or in the reduction of assets (for example- disinvestment). It basically affects the asset and liability status of the government. As the sale of shares of the public sector undertaking will reduce the assets of the government thus, it would be considered a "Capital receipt".
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