Revenue Account

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Revenue Account

  • The revenue account shows the current receipts of the government and the expenditure that can be met from these receipts.
Revenue Receipts
  • RR are receipts of the government incomes which cannot be reclaimed back by the citizens from the government, these are of the short term and recurring nature
  • Revenue receipts of a government are of two kinds—Tax Revenue Receipts and Non-tax Revenue Receipts—consisting of the following income receipts in India
Tax Receipts
  • This includes all money earned by the government via the different taxes the government collects, i.e., all direct and indirect tax collections.
    • Direct Taxes – Income tax, wealth tax, corporate tax, etc.
    • Indirect Taxes – GST, Excise duty, VAT etc.
Non- Tax Receipts
This includes all money earned by the government from sources other then taxes. In India they are:
  1. Profits and dividends which the government gets from its public sector undertakings (PSUs).
  2. Interests recieved by the government out of all loans forwarded by it, be it inside the country (i.e., internal lending) or outside the country (i.e., external lending). It means this income might be in both domestic and foreign currencies.
  3. Fiscal services also generate incomes for the government, i.e., currency printing, stamp printing, coinage and medals minting, etc. (Mint Income)
  4. General Services also earn money for the government as the power distribution, irrigation, banking, insurance, community services, etc.
  5. Fees, Penalties and Fines received by the government.
  6. Gifts & Grants which the governments receives— it is always external in the case of the Central Government and internal in the case of state governments.
Revenue Expenditure
  • All expenditures incurred by the government are either of revenue kind or current kind or compulsive kind.
  • The basic identity of such expenditures is that they are of consumptive kind and do not involve creation of productive assets. They are either used in running of a productive process or running a government.
A broad category of things that fall under such expenditures in India are:
  1. Interest payment by the government on the internal and external loans;
  2. Salaries, Pension and Provident Fund paid by the government to government employees;
  3. Subsidies forwarded to all sectors by the government;
  4. Defence and Law & Order expenditures by the government;
  5. Postal Deficits of the government;
  6. Law and order expenditures (i.e., police & paramilitary);
  7. Expenditures on social services (includes all social sector expenditures as education, health care, social security, poverty alleviation, etc.) and general services (tax collection, etc.);
  8. Grants given by the Union Government to Indian states and foreign countries. 

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