I was exactly in the same state when i was 22 (graduated from tier 3 college, with question of mtech, mba or work?). Currently i have 12y experience, so i might be the right guy to answer this.
Having a master degree definitely helps! Not just in terms of money, but also the knowledge and confidence. Provided you do it from tier 1 colleges only. I worked for 2 years, made money for the fee & went ahead with MTech from IIT. And my salary back then jumped from 4lpa to 20lpa.
Are you good at facing people and convincing them? - MBA
You prefer autonomy and exploring things by yourself? - MS
I was not a people person, so i chose to do MTech & it has benefited me greatly. Whatever you choose, you need to do it from a premier institute (IIT, BITS, IIM, nit), else you will not only waste 2 more years, but will go back in experience and money.
From my experience, in the long run, the number of people with great quality of life will be more in tech than in business. As in, you might find 25 business folks enjoying lavish life with 1cr salary, but 75 tech folks earning 80-90lacs. I prefer to be one among these 75 coz i will have more time to spare with family, less pressure of meeting targets, lesser late night calls and travels.
22-24 is the right age to study further coz you will have energy and lesser responsibilities. Also if you screw up, you can bounce back easily.
MS - I've also seen my friends terribly fail in life post doing MS in US. But most of them leading a mediocre life as second citizen, running behind Visa($100k). Very few will succeed well ($225k+ as salary)