Question : Which of the following is an example of revenue receipt of the government?
Option 1: Receipts from sale of shares of public sector companies
Option 2: Recovery of loans
Option 3: GST collected by the government
Option 4: Borrowings from public
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Correct Answer: GST collected by the government
Solution : The correct option is GST collected by the government .
The Goods and Services Tax (GST) collected by the government is considered a revenue receipt. A consumption-based tax called GST is applied to the flow of goods and services. Businesses serve as the government's agents when they collect GST from their clients. After that, the government receives the collected GST. Many government expenses, including the construction of infrastructure, social programs, and other government initiatives, are paid for with the proceeds from this revenue.
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