Q. Which of the following are considered 'Revenue Receipts' of the Government?

1. Corporation Tax
2. Grants received from a foreign country
3. Loans from International Fund
4. Interest free loans from IDA

Select the correct option from the codes given below:
Answer: Only 1 & 2
Notes: Corporation tax and grants are revenue receipts as they do not increase government liability. Loans from International Fund and interest free loans from IDA are capital receipts, as they increase liabilities to be repaid. Revenue receipts include taxes, non-tax revenues, and grants, but exclude all forms of borrowings regardless of interest.