MANAGEMENT

Detailed explanation-1: -Governments also use taxes to fund welfare and public services. These services can include education systems, pensions for the elderly, unemployment benefits, transfer payments, subsidies and public transportation.

Detailed explanation-2: -Some general examples of indirect tax include sales tax, Goods and Services Tax (GST), Value Added Tax (VAT), etc.

Detailed explanation-3: -The Government of India earns tax and non-tax revenues to carry out various functions like providing public goods, implementing welfare schemes related to education and food, and managing the day-to-day functions of the country.

Detailed explanation-4: -Revenue is money earned by a business, or income received by the government from taxes.

Detailed explanation-5: -Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.