(a) What are the various sources of public
revenue? Explain in detail.
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Answers
The public revenue can be broadly classified into two: (a) Tax Revenue: It is the most important and major source of public revenue. Other minor revenue sources are fees, special assessment, fines, forfeitures and escheats, tributes and indemnities, gifts and grants.
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Answer:
Government needs to perform political, social and economic
duties so as to maximize social and economic welfare. In order to
perform these duties and functions government requires large
amount of resources .
These sources of revenue to the governments, viz. Central, State
and Local Governments, are called Public Revenues.
various sources of public
The government derives revenue in different ways from the public. The common methods of raising the resources are taxes, prices, fees, fines and penalties, gifts , grants, special assessment. Generally, tax revenue and non-tax revenue are considered as the sources of government revenue.