Disinvestment is the process by which the government sells or reduces its stake in public sector undertakings and other government-owned entities. The proceeds from such disinvestment are considered as capital receipts for the government, as they result in a reduction in the assets owned by the government.

Capital receipts are those receipts which either create a liability for the government or result in a reduction in its assets. Examples of capital receipts include disinvestment proceeds, recovery of loans, and borrowings.

On the other hand, revenue receipts are those receipts that do not create any liability for the government or result in a reduction in its assets. Examples of revenue receipts include taxes, fees, and grants.

Therefore, the proceeds from disinvestment are not included as revenue receipts or tax revenue as they do not fall under this category. Instead, they are considered as capital receipts for the government.