Question

Conclusion on budget and taxation

Answer 1

Budget : A government budget is an annual financial statement presenting the revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation. The budgetis also known as the Annual Financial Statement of the country. 

Taxation: Taxes in India are levied by the Central Government and the state governments.[1]Some minor taxes are also levied by the local authorities such as the Municipality.[2]

The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Central and the State.