Know How Our Hard Earned Money Is Put To Use
BENGALURU: Taxes grow without any prior notice. We hate taxes when it’s time to pay for the financial year. But have we ever thought where does the money collected as taxes go? None of us have surely thought of so far. We pay taxes just for the sake of paying it and wash our hands off it. Taxes play a major role in molding our country’s future and also its infrastructure. According to scoopwhoop.com, the day we celebrate our first big paycheck, is also the first time the realities of taxes hit us. Here's a look at some of the places where our hard earned money is supposedly put to use:
1. Our Taxes Help in Subsidizing the Cost of Petrol
Taxes paid by us helps in lowering the cost of petrol by a considerable margin because these taxes are used to buy crude oil from foreign countries directly, instead of exchanging our Indian currency against U.S Dollar. The per-gallon cost of crude oil is less in comparison to$, hence the petrol prices are lowered significantly. The purchasing price of crude oil is less when bought directly than purchasing it by exchanging currencies.
2. Helps in Funding Development of Rural Areas
India is often called a country of villages, where rural areas are the most backward when compared to the urban parts. Taxes paid, helps in the upliftment of these backward rural areas. The Government takes initiatives in bringing up schools, colleges, hospitals and also building up infrastructures by which their quality of their standard of living is raised. The usage of tax money is actually a tool in enhancing the rural economic and social growth of the country.
Read More: 8 Countries Where The Value of 'Indian Rupee' is Beyond Imagination
