Articles

At some point, every earning individual might have been frustrated with paying taxes or confused about how much of their income is going towards it. However, an earning individual paying tax (known as income tax) is not the only type of tax the individual has to pay.

Finance Minister of India Nirmala Sitharaman will table the Union Budget for 2022-23 on February 1, 2022. Each year before the announcement of the budget, the people of the country make speculations about the constituents of the budget, expected amendments, reform policies, fiscal programs, and more.

The ritual of presenting the Indian Budget is more than two centuries old, dating back to colonial times. India's first-ever Budget was presented by James Wilson in 1860, a Scottish economist and politician.

The Finance Minister presents the Union Budget in the Lok Sabha every year. The Budget speech gives details of revenue and expenditure. Thus, it serves as a roadmap for fund allocation and collection for various activities and projects. 

Healthcare is one of the biggest priorities for India's people and its government. With Covid cases resurging once again on account of the third wave of the pandemic, the sector will find itself stretched thin once again.

Taxes are the most crucial and most significant source of revenue for the Government. The Government uses the revenues generated from taxes to provide basic facilities to its citizens and the nation's overall development. For example, construction of roads, buildings, infrastructure, public healthcare facilities, providing various subsidies, etc.