what regulates how states / local government spend and raise the money ?

Expert Solution

we can classify the spendings and receipts of government in the following manner-

SPENDING OF STATE/LOCAL GOVERNMENT-

expenditure incurred on development work and creation of employment opportunities
expenditure incurred for the welfare of the citizens like transfer payments for educational scholarships,pensions etc
expenditure incurred on the construction and infrastructural development work
salaries and wages to government officials
maintenance expenditure

REVENUE OF THE STATE GOVERNMENT

state government receives a portion of amount from the central government which is received after the imposition of tax.
receipt of funds from unilateral revenue receipts like penalties,legal fees etc
state and local government can levy several special taxes for development purpose after necessary prescribed process.

Rahul Sunny answered 2 years ago

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