In the later vedic period, the term "Bali" denoted

• During the later Vedic period, changes in material and social life also led to changes in the political sphere.
• During this period, three types of taxes were there- Bali, Shulka, and Bhaga taxes that the people contributed.

Bali

• It consisted of 1/6 the agricultural produce or cattle for a given person.
• The king, according to Rig Veda, was only entitled to receive Bali from his subjects, which was due to him for the protection granted to his subjects.
• Manu Smriti mentioned ‘Bali’ first as a religious offering, and then as a tax on religious performances.
• Kautilya used the term Bali as one of the sources of revenue from the Kingdom.
• Bali primarily means ‘an oblation, a gift or offering (usually religious)’.