The role of the government across the world is to figure for the welfare of the people whom they rule. This defined role of any government is due to ideology, political reasons or mandated by law. One in all the ways, through which any government can turn the fortunes of an economy, is by managing public finances. Public finance is the branch of economics that examines the role of the govt. in an economy. It mainly explains the revenue generation and expenditure occurrence process of any government. The discipline of public finance describes and analyses government services, subsidies, welfare payments and therefore the methods by which the expenditure to those ends are coveted through taxation, borrowings, economic aid and therefore the creation of recent money. In other words public finance explores the economic policy of the state and the way they'll be best wont to meet the goals of public policy. Public financial management is nothing but the creation of budgeting, spending and managing public earnings. As we all know that central government owns the most important a part of revenue collection within the kind of indirect taxes and therewith also possess the allegations of biasness in tax incidence. As per the critics of public finance management, the burden of indirect taxes is levied on urban poor rather than rural rich and thus distorts the inducement of achieving efficiency goal from relocation of sources. The foremost problem identified within the Indian public finance system is in tax administration system, where multiplicity of taxes, biasness in incidence of taxes and dominance of indirect taxes makes it difficult to focus on wealthy population. This can be quite obvious as union, state and native government maintains different tax structures that makes chaos and harasses tax payers eventually. This article is highlighting the sources of this biasness and recommends necessary changes within the tax structure maintained under union government framework. This article  will also reveal the complications I public finance reforms and suggest ways for effective public finance management study. The Above article also proposes to look at the issues of management of public finance in India from different perspectives including sources of revenue, utilization of funds, debts and financial control et al.

Keywords: Finance, Management, Revenue, Economic analysis, Revenue, Gross Domestic Production.