The correct answer is Option (3) → Recovery of loans
Explanation of Each Option:
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Income tax: Income tax is a direct tax levied on individuals and corporate earnings. It is considered a revenue receipt because it is part of the government's regular income generated from taxpayers.
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Goods and Services Tax (GST):: GST is an indirect tax applied to the supply of goods and services. Like income tax, it contributes to the government's revenue receipts as it is collected regularly.
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Recovery of loans: This refers to the repayment of loans that the government has provided to individuals, businesses, or other entities. This is not classified as a revenue receipt because it is a return of capital rather than a source of income. It merely represents the recovery of funds that have previously been lent out.
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Interest received on loans: This refers to the interest payments received by the government from entities to whom it has lent money. This is considered a revenue receipt as it constitutes income for the government.
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