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Public Finance / Fiscal Science

Public Finance / Fiscal Science. Public Finance includes: Public Revenue Public Expenditure Public Debt Financial Administration . Public Revenue Divided into- Tax Revenue Non-Tax Revenue. A. Tax Revenue Compulsory – Cannot Refuse – Incomes & Commodities

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Public Finance / Fiscal Science

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  1. Public Finance / Fiscal Science

  2. Public Finance includes: • Public Revenue • Public Expenditure • Public Debt • Financial Administration

  3. Public Revenue • Divided into- • Tax Revenue • Non-Tax Revenue

  4. A. Tax Revenue • Compulsory – Cannot Refuse – Incomes & Commodities • Direct Taxes • Indirect Taxes

  5. Direct Taxes – Tax-payer & Tax bearer Income Tax, Corporate Tax, Wealth Tax, Gift Tax 1 lakh to 5 lakh – 10% 5 lakh to 8 lakh – 20% Above 8 lakh – 30%

  6. Reduce income • inequalities • Progressive in nature • Certainty • Elastic & productive

  7. Indirect Tax • Custom Duties – Import or Export • duties. • Excise Duties – Production • Sales Tax – Business Transactions • Service Tax – on services • Regressive – Uncertain – • Maximum revenue

  8. Non-Tax Revenue Sources – Administrative revenue Profits of Govt. enterprises Gifts and Grants

  9. Administrative Revenue • Fees – on services • court fees, passport fees, • license fees. • Fines & penalties – on offenders of laws as a punishment • Special Assessment – Betterment levy on property • Escheat – A person dies without any legal heirs or will

  10. 2.Profits of Govt. Enterprises - Railways, telephones

  11. 3. Gifts and Grants Gifts – Voluntary Contributions – during war & emergency. Grants – One Govt. to another Foreign aid – Military aid, food aid, technologicalaid.

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