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Capital vs Revenue income -

Capital income is the income generated from non- operational sources, such as the sale of assets or investments. Revenue income is the income generated from day-to-day operations of a business, such as sales revenue.
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Forwarded from Harmeek Singh
Which of the following is a form of indirect tax?
Anonymous Quiz
3%
Income tax
4%
Wealth tax
7%
Corporation tax
86%
Sales tax
Forwarded from Harmeek Singh
Which of the following taxes are abolished by the Goods and Services Tax.
Anonymous Quiz
2%
Property tax
3%
Corporation tax
74%
VAT
21%
All of the above
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PFMS - Public Finance Management System


A web based online software application


Developed and implemented by CGA - Controller General of Accounts, Department of Expenditure, Ministry of Finance, Government of India



Started in 2019



Object: Tracking funds released under all Plan schemes of Government of India & real time reporting of expenditure.



Covers all payments, Exchequer control, all receipts, compilation of accounts, preparation of Fiscal Reports


Interface with the treasury system of all the 28 States and 2 UTs with legislatures.



Integrated with the core banking system of over 300 Banks in the country.



Interface with the NPCI - National Payments Corporation of India


Key takeaways for MCQ


PFMS stands for Public Finance Management System

Launched in 2019

Developed and maintained by CGA, Department of Expenditure

CGA stands for Controller General of Accounts

CGA is a Principal Accounting Officer to the Government of India. (Apex accounting authority in Government of India)

Old name of PFMS is CPSMS - Central Plan Scheme Monitoring System.

NPCI stands for National Payments Corporation of India