Revenue refers to that amount which is being collected or received by the government from different sources during a fiscal year. These sources of revenue for the government are categorized under the following heads:
Tax Revenue : Taxes are the compulsory contribution exacted by the government for the public welfare purpose. Tax revenue is comprises gross amount collected minus amount paid and refund during the same year. Moreover the tax revenue is composed of property tax, sales tax, license tax, income tax and other taxes.
Inter Government Revenue : The second major source of revenue for the government is the inter government revenue which includes revenue from federal government revenue from state government, revenue from local government.
Miscellaneous Revenue
Another important source of revenue for the government is the miscellaneous revenue that covers the revenue from sale of property, revenue from rent and royalties, special assessment revenue.
Utility Revenue : This sort of revenue is an amount received from utility commodities and services to the public and other government.
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