Question

Why does the government need budget why are the tax proposed in the bud get discussed

Answer 1

Answer:

Any political party which forms government at the Centre has certain social, political and economic responsibilities. In countries with deep cultural, religious and economic diversity such as India, it is extremely important for the government to allocate resources wisely. Various factors such as uplifting underprivileged sections of the society, facilitating financial inclusion, mitigating regional disparity, upgrading defence capabilities, providing proper educational facilities, and much more need to be focused on. Therefore, a well-planned budget is of utmost importance for any government to ensure economic stability and growth.When it comes to budgeting, identifying areas of weakness helps the government to allocate resources in a useful and sustainable manner. This is one of the most fundamental objectives behind framing a government budget. It’s important for the government to ensure that funds reach where it’s required the most. Therefore using past data to identify sections of the society in need of economic welfare policies and implementing those policies helps the government demonstrate efficient governance and achieve economic stability in the country.

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Answer 2

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1. The government needs a budget to plan its revenue, expenditure and to subsidies the revenue among various sectors.

2. The budget talks of taxes because taxes are the major sources of revenue to the government.