Revenue Receipts Current Affairs, GK & News

West Bengal presented Budget FY22

West Bengal government presented budget for Financial Year 2022. It was tabled by chief minister Mamata Banerjee in state assembly on July 7, 2021. Key Points Budget laid emphasis on social-sector expenditure and Covid reliefs. Size of budget for next financial year has been kept at Rs 2,78,727 crore. It has been increased by 28.5% ..




Effective Revenue Deficit

The definition of the revenue expenditure is that it must not create any productive asset. However, this creates a problem in accounts. There are several grants which the Union Government gives to the state / UTs and some of which do create some assets, which are not owned by union government but by state government. ..


Revenue Deficit

If total Revenue receipts are more than total revenue expenditure, it is called revenue surplus. If the total revenue receipts are less than total revenue expenditures, it is called Revenue Deficit. Implications of Revenue Deficit and Revenue Surplus on Economy Revenue expenditures are a consumptive kind of expenditures and that is why the Governments try ..


Components of Revenue Expenditure

While the Revenue Receipts are those incomes of the Government which don’t create additional liability, the Revenue Expenditures are those expenditures which don’t create any productive assets. The money in these expenditures goes either in running administration / operation of government or in welfare schemes which don’t result in creation of assets. Specific examples are ..


Tax and Non-Tax Revenue Receipts

The term “Revenue Receipt” is made up of two words revenue and receipts. Any income that does not generate a liability is revenue. For example, if the Government borrows money from World Bank, it will increase its liabilities (because this money has to be paid back)- so cannot be called revenue. However, if the government ..