Every country's tax structure significantly impacts its economy. Taxes are the backbone of national development, as they generate revenue used for infrastructure, education, defense, law enforcement, and more. In India, the taxation system is designed not only to collect revenue but also to ensure economic stability, equity, and national growth. Over the past 10–15 years, India's taxation system has undergone significant reforms. However, challenges remain, including complex procedures, reliance on indirect taxes, and the parallel economy. This study examines the evolution and current structure of the Indian taxation system, focusing on recent reforms relevant to the financial year 2024–25.
Keywords: [Taxation, Economic Development, Tax Structure, Income Tax Reforms, Union Budget]