Consider the following statements. In India, taxes on transaction in stock exchanges and future markets are:
$1.$ Levied by the union.
$2.$ Collected by the states.
Which of the statements given above is/are correct?

Only

1

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Only

2

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Both

1

and

2

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None of these

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Solution

The correct option is A Only $1$
As per Article 269 of the Constitution of India, taxes other than stamp duties on transactions in stock-exchanges and futures markets are levied and collected by the Union but assigned to the states.

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Similar questions

15. Consider the following statements,

1] The ‘Annual Financial Statement’, laid before both the Houses of Parliament constitutes the Budget of the Union Government.

2] Article 265 provides that ‘no tax shall be levied or collected except by authority of law’

Which of the above statements is/are correct?

Q57. Consider the following statements.

1. The tax imposed on the stock market and futures market belong to the Union List.

2. The tax imposed on the stock market and futures market is collected and appropriated by the States.

Which of the above statement(s) is/are correct?

निम्नलिखित कथनों पर विचार करें:

1. शेयर बाजार और वायदा बाजार पर अघोपित कर संघ सूची के अंतर्गत आता है।

2. शेयर बाजार और वायदा बाजार पर लगाया गया कर राज्यों द्वारा एकत्र एवं विनियमित किया जाता है।

उपरोक्त में से कौन सा/से कथन सत्य है/हैं?

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