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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


Team Careers360 9th Jan, 2024
Answer (1)
Team Careers360 20th Jan, 2024

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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