Question : Identify the incorrect equation.
Option 1: Revenue receipts = Tax revenue (net of State's share) less non-tax revenue
Option 2: Gross fiscal deficit = Total expenditure - (Revenue receipts + Non-debt creating capital receipts)
Option 3: Gross primary deficit = Gross fiscal deficit - Net interest liabilities
Option 4: Revenue deficit = Revenue expenditure - revenue receipts
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Correct Answer: Revenue receipts = Tax revenue (net of State's share) less non-tax revenue
Solution : The correct answer is Revenue receipts = Tax revenue (net of State's share) less non-tax revenue.
The accurate equation is Revenue receipts = Tax revenue (net of State's share) + Non-tax revenue. Revenue receipts encompass all government income, including tax revenue and non-tax revenue. The phrase "net of State's share" indicates the central government's portion of tax revenue after sharing with state governments.
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