Explain the meaning of Taxation with objectives.

1 Answer

Answer :

Taxation: Taxes in India are levied by the Central Government and the state governments. Some minor taxes are also levied by the local authorities such as the Municipality. A Tax is nothing but a compulsory contribution to nation.

Objectives of taxation:

1. Raising the revenue of government.

2. Economical growth of state and nation.

3. Reduction in unemployment.

4. Reduction in regional disparities.

5. Distributional justice to all the people. 

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