Question : In Government Budget 2022-23, GoI has increased the tax slab for those earnings 1crore per annum and above. Identify the objective of budget highlighted in the case above.
Option 1: Redistribution of resources
Option 2: Economic Growth
Option 3: Economic Stability
Option 4: Reducing inequalities in income and wealth
Correct Answer: Reducing inequalities in income and wealth
Solution : The correct answer is (d) Reducing inequalities in income and wealth.
By increasing the tax slab for individuals earning 1 crore per annum and above, the Government of India aims to address income and wealth inequalities. This policy change is intended to make the tax system more progressive, with higher-income individuals contributing a larger share of their earnings in taxes. Reducing inequalities in income and wealth is a key objective of the budget, as it seeks to create a more equitable society by ensuring a fair distribution of resources and promoting social welfare.
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