USA HISTORY

Detailed explanation-1: -“Tax is the money you pay the government for the public services they provide you. Taxes are based on your income, and they form the main source of revenue for the government.” Tax is the most common and important government intervention to redistribute income among the population.

Detailed explanation-2: -A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs.

Detailed explanation-3: -The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation in the given link. Download The E-Book Now!

Detailed explanation-4: -Payment of tax money to the government is mandatory. This money is used by the government to run the entire country. It is used to execute public services and pay salaries to the public workers.

Detailed explanation-5: -Answer:The tax money paid to the government is used for providing public services for all citizens. Services like defence, police judiciary, highways, etc. Developmental programmes like education, health care employment, social welfare. Vocational training for the needy.