What are Revenue Receipts, News, Budget 2020 News, Revenue Receipts Definition
No liability: Revenue receipts do not create any liability for the government. For example, taxes received by the government, unlike borrowings, do not create any liabilities for it. No asset reduction: Revenue receipts do not lead to any reduction in the government’s assets. So, the government cannot show its earnings from sale of stake in a public-sector undertaking as revenue receipts because the stake sale resulted in reduction of its assets. For the government, there are two sources of revenue receipts — tax revenues and non-tax revenues. The Budget estimates of the gov...