Identify the true statement among the following.

Question

Question

This question was previously asked in

SSC CHSL Exam 2023 Tier-I Official Paper (Held On: 03 Aug, 2023 Shift 3)

Answer 1

The correct answer is Fees and Fines collected is a non-tax receipts. Key Points

Fees and fines collected are considered non-tax receipts because they are not imposed as a result of any legislative power or authority.
The government's recurring income from sources other than taxes is known as non-tax revenue.
These are the taxes collected that do not originate from levies on the general populace.
Payments received that do not give rise to liabilities or a claim against the government are known as revenue receipts.

Additional Information

Income tax is a tax levied on the income earned by an individual or entity.
- It is a direct tax as it is levied on the income of the taxpayer.
Goods and Services Tax (GST) is a tax imposed on the supply of goods and services.
- It is an indirect tax as it is not levied directly on the income of the taxpayer.
Borrowings from the public are a form of external debt.
- The government borrows from the public to finance its developmental activities.
- It is a capital receipt as it does not generate regular income for the government.