Tax

Meaning :

Tax is a mandatory financial charge collected by the government from people and businesses. It is used to pay for public services like roads, schools, hospitals,

security, and infrastructure. Every earning citizen or business must pay tax according to  the laws of the country.

Example : 

For instance, paying income tax on your salary or GST on the products you buy is a way of paying taxes.

How to Understand : 

Think of tax as your contribution to the country. Just like a home needs money to maintain it, a country needs funds collected through taxes to operate. The government

uses this money to provide essential services that benefit everyone.

Importance :

Taxes fund government programs and public infrastructure, helping to build and maintain roads, schools, and hospitals.

They support healthcare, education, and welfare schemes that help people in need.

Taxes help maintain law and order, as well as national security.

They boost economic growth and development by funding various projects.

Taxes create a systematic financial structure for the nation, ensuring that services can be  provided effectively.