What Is Public Finance

Public finance is the management of a country's revenue and the role of the government in the economy. Public finance includes activities related to assessing the government revenue and expenditure of the public authorities, implementing financial strategies, etc. Public finance is also concerned with upgrading economic procedures and identifies consequences of tax measures. Public policies are linked with public finance. Public policies refer to measures and decisions that are undertaken by the government, with the interest of the citizens and legal bodies taken care of. 

With these policies under consideration, the government aims at bringing economic and undertaking allocation of resources with the help of taxes and subsidies. The main revenue source for governments is tax. In India, GST is the type of tax that is levied on goods and services. Expenditure is everything that the government spends money on such as infrastructure, education, etc.