Preview

Pattern of Revenue

Good Essays
Open Document
Open Document
423 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Pattern of Revenue
Pattern of revenue receipts on revenue account include revenue received in the form of tax and non-tax revenue. On the other hand,receipts on capital account is composed of loans from themarket, aid received from external sources, small savings,state and public provident funds, special deposits of nongovernmentprovident funds, and special securities. Thus,the revenue receipts of the governments - centre and states– are part of revenue account and capital receipts are part ofcapital account. Composition of Revenue Receipts
Revenue receipts are classified under two heads: tax revenue and non-tax revenue. Tax revenue has always occupied a dominant place in the revenue receipts of the government. It accrues to the government through a variety of taxes imposed by it like corporation tax, income tax, custom duties and excise duties. The total collection of some of these taxes is shared with the states by the centralgovernment. The principal components of non-tax revenue are net contributions of public sector undertakings, interest receipts, fiscal services, general services, social and community services, economic services and external grants.
Looking at the share of tax revenue and non-taxrevenue of the centre, it is found that the main source ofrevenue of the central government is tax revenue whichremained 70 to 80 per cent of the total revenue receiptsthroughout the study period (Graph 5.4). This is mainly dueto indirect taxes which occupy a dominant place in centralfinances. The table clearly shows that there has been arapid increase in the tax revenue of the central governmentfrom Rs. 6009.77 crore in 1975-76 to Rs. 38403.99 crore in1989-90 which recorded the growth of 15 per cent duringpre-reform period (Table 5.4 and Table 5.5). Firstly, it wasdue to higher collections from union excise duties, customduty and corporation tax (Economic Survey, 1983-84; Report on Currency and Finance, 1984-85). Secondly, it wasdue to improvement in the share of direct taxes

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Week 2 Quiz Acc380

    • 715 Words
    • 5 Pages

    | Fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government…

    • 715 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    Revenue Cycle

    • 1015 Words
    • 8 Pages

    Revenue Cycle Education Improvement Strategies Presented by: Colleen Malmgren, MS, RHIA Fairview Health Services cmalmgrl @fairview.org Definition of Revenue Cycle All administrative and clinical functions that contribute to the capture, management and collection of patient service revenue *HFMA Scheduling/Registration Health Info Mgmt Case Management Pt Financial Srvcs Charge Capture Revenue Audit Chargemaster Establish Performance Indicators Establish measures that go beyond Accounts receivable days (A/R days), Discharged not Final Billed (DNFB)…

    • 1015 Words
    • 8 Pages
    Good Essays
  • Satisfactory Essays

    Unit 2 P2

    • 449 Words
    • 2 Pages

    Revenue income would be the money in which the business receives from their day-to-day activities of the business. An example of revenue income would be when people receive sales or when landlords receive rent from the tenants and last example would be when people receive discounted money. Revenue income depends on the types of activities that the business does in order to bring in money and there are three types of main sources for revenue income and they are sales,…

    • 449 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Capital Expenditures

    • 411 Words
    • 2 Pages

    The entries of revenue expenditure would be like for a company if the business needed to repair a truck they have to pay cash to get the vehicle out of the shop. Or the company has to put brakes or tires on the truck, you pay the bill now. These repairs are recorded as debits to Repair (or Maintenance) expense as they incurred, these debits are paid immediately. Capital expenditure is when something is added on or improved to help increase the company’s investment. When something is being done to help improve the business this is going to bring in some revenue and that is money for the…

    • 411 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Revenues are funds raised through various entities. “Revenue estimation is very important in local and state government, particularly in the planning and analysis phase because elected leaders must balance their budgets” (Smith & Lynch, 2004, p. 47).…

    • 919 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Revenue Analysis

    • 1460 Words
    • 6 Pages

    (o) All payments out of petty cash are charged to Miscellaneous Expense. (Do not use conservatism.)…

    • 1460 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Revenue and Production

    • 3341 Words
    • 14 Pages

    There are various strategies which are compared in build option. For each production strategy, the optimum solution for the capacities in each year is found out. After finding the optimum solutions, the…

    • 3341 Words
    • 14 Pages
    Good Essays
  • Good Essays

    Revenue is the money that the government collects to fund its spending. The biggest source of income is the personal income tax that is paid by all people who earn income. The second largest source of income for the government is the payroll tax. This is taken from paychecks to fund social insurance programs like Social Security and Medicare. The third larges is the taxes that corporations have to pay on their profits.…

    • 922 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Revenue recognition

    • 3869 Words
    • 16 Pages

    The study has been conducted to have a view on Revenue Recognition and how is important for entities in financial reporting and the link between revenue recognition and creative accounting. The primary issue in accounting for revenue is to determining when to recognize revenue. Revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. There are identifiable criteria to be met and for revenue to be recognized. By definition, Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.…

    • 3869 Words
    • 16 Pages
    Powerful Essays
  • Satisfactory Essays

    Capital vs Revenue

    • 488 Words
    • 2 Pages

    Expenditures are unavoidable for any company to exist in the competitive market, to expand the business or to find new opportunities to open up beneficial business in those areas, etc. Expenditure is defined as payments of cash or cash equivalent for goods or services, or a charge against available funds in settlement of an obligation as evidenced by a source document like invoice, voucher, receipt, etc. All payments made by a company can be broadly categorized into capital expenditure and revenue expenditure.…

    • 488 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Revenue is the gross inflow of economic benefits during the period arising in the course of business of…

    • 1123 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Global Financial Crisis

    • 1103 Words
    • 4 Pages

    In spite of other policies, the taxation policy plays an important role in the economy. Therefore, what categories and effects of taxation policy in the meantime are valuable to evaluate.…

    • 1103 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    The revenue of a firm jointly with its costs ascertains profits. Now let us discuss the concepts of revenue. The term revenue denotes to the receipts obtained by a firm from the scale of definite quantities of a commodity at various prices. The revenue concept relates to total revenue, average revenue and marginal revenue.…

    • 1108 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Tax System in Bangladesh

    • 2815 Words
    • 12 Pages

    To complete this report, we have gained practical knowledge about various types of Tax System. For example, Tax System of Bangladesh, tax structure in Bangladesh , canon of taxation and implementation of the canon of tax in Tax System of Bangladesh. In this way, we have collected information regarding overall tax system in Bangladesh . As, tax is an important part of our country development. So, day by day, people are getting more conscious and informed about tax.…

    • 2815 Words
    • 12 Pages
    Powerful Essays
  • Powerful Essays

    Goods and Service Tax

    • 5934 Words
    • 24 Pages

    IF WORDS ARE CONSIDERED TO BE A SIGN OF GRATITUDE THEN LET THESE WORDS CONVEY THE VERY SAME.I AM HIGHLY INDEBTED TO LECTURER MR VISHVAS CHAKRANARAYAN, WHO HAS PROVIDED ME WITH THE NECESSARY INFORMATION AND ALSO FOR THE SUPPORT AND HIS VALUABLE SUGGESTIONS ON BRINGING OUT THIS TERMPAPER IN THE BEST POSSIBLE WAY.…

    • 5934 Words
    • 24 Pages
    Powerful Essays