All of the statements are correct. Here is a brief explanation of each:
(i) Indirect taxes are imposed on production and sale of goods and services. Indirect taxes are taxes that are levied on goods and services, rather than on individuals or businesses directly.
(ii) A government budget is an annual statement of actual receipts and actual payments. A government budget is a financial plan that outlines the government`s anticipated expenditures and revenues for a given fiscal year. It includes a breakdown of the government’s expected income (from taxes, fees, and other sources) and its planned expenditures (for services, programs, and other purposes).
(iii) Revenue deficit is a measure of the government’s financial performance that shows the difference between its revenue expenditures (expenditures that do not result in the creation of assets, such as salaries and wages) and its revenue receipts (income from taxes, fees, and other non-borrowing sources). A revenue deficit indicates that the government is spending more on day-to-day expenses than it is bringing in from non-borrowing sources.
(iv) Primary deficit shows total borrowing requirement of the government. Primary deficit is a measure of the government’s financial performance that shows the difference between its primary expenditures (expenditures on items such as salaries, interest payments, and subsidies) and its primary receipts (income from taxes and other non-borrowing sources). The primary deficit indicates the total amount of borrowing that the government needs to meet its expenses.
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