Question
Which of the following taxes is levied by the Union and appropriated and planned by the states ?
Answer: Option A
Answer: (a)
The Constitution of India has a number of other provisions relevant to stamp duties.
Of these, Article 246 and the Seventh Schedule are relevant in regard to the legislative power to levy Stamp duties.
Article 268 states that stamp duties and such duties of excise on medicinal and toilet preparations as are mentioned in the Union List shall be levied by the Government of India but shall be collected
in the case where such duties are leviable within any Union territory, by the Government of India, and
in other cases, by the States within which such duties are respectively leviable.
It further states that proceeds in any financial year of any such duty leviable within any State shall not form part of the Consolidated Fund of India, but shall be assigned to that State.
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Answer: (a)
The Constitution of India has a number of other provisions relevant to stamp duties.
Of these, Article 246 and the Seventh Schedule are relevant in regard to the legislative power to levy Stamp duties.
Article 268 states that stamp duties and such duties of excise on medicinal and toilet preparations as are mentioned in the Union List shall be levied by the Government of India but shall be collected
in the case where such duties are leviable within any Union territory, by the Government of India, and
in other cases, by the States within which such duties are respectively leviable.
It further states that proceeds in any financial year of any such duty leviable within any State shall not form part of the Consolidated Fund of India, but shall be assigned to that State.
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