Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? Options: A . &nbspTaxes on Advertisement B . &nbspAdditional Duties of Excise in lieu of Sales Tax C . &nbspStamps and Registration D . &nbspExpenditure Tax and Gift Tax

Which of the following taxes are levied and collected by the centre but their ne

Question

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ?

Options:

A . Taxes on Advertisement

B . Additional Duties of Excise in lieu of Sales Tax

C . Stamps and Registration

D . Expenditure Tax and Gift Tax

Answer: Option A
Answer: (a)
Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted, partly or wholly to the States.
There are taxes that are levied and collected by the Union, but the entire proceeds of which are assigned to the states, in a proportion determined by the Parliament.
These taxes include:
Succession and Estate duty;
Terminal taxes on goods and passengers;
Taxes on railway freight and fares;
Taxes on transactions in stock exchanges and
future markets; and Taxes on sale and purchase of newspapers and advertisements therein.

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