Tax

Meaning :

Tax refers to a compulsory financial charge imposed by the government on individuals and businesses. It is used to fund public services such as roads, schools,

hospitals, security, and infrastructure. Every earning citizen or entity is required to pay  taxes according to the laws of the country.

Example : 

For example, paying income tax on your salary or Goods and Services Tax (GST) on the products you purchase represents tax payments.

How to Understand : 

Consider tax as your contribution to the country. Just like maintaining a home requires money, a country needs funds collected through taxes to provide essential services that benefit everyone.

Importance :

Taxes are crucial for funding government programs and public infrastructure, ensuring that necessary services are available.

They support healthcare, education, and welfare schemes, helping those in need.

Taxes play a role in maintaining law, order, and national security.

They contribute to economic growth and development by financing various initiatives.

Taxes help create a structured financial system for the nation, allowing for effective  service delivery.