Which of the following taxes form the part of Consolidated Fund of India?
1) Terminal taxes on goods or passengers carried by railway, sea or air;
2) Taxes on railway fares and freights;
3) Taxes other than stamp duties on transactions in stock exchanges and futures markets;
4) Taxes on the sale or purchase of newspapers and on advertisements published therein;
Select the correct answer using the code given below.
Which of the following taxes form the part of Consolidated Fund of India?
1) Terminal taxes on goods or passengers carried by railway, sea or air;
2) Taxes on railway fares and freights;
3) Taxes other than stamp duties on transactions in stock exchanges and futures markets;
4) Taxes on the sale or purchase of newspapers and on advertisements published therein;
Select the correct answer using the code given below.
The correct option is D None of these
These Taxes levied and collected by the union but assigned to the States. Refer to Article 269 in the Constitution of India 1949
(1) The following duties and taxes shall be levied and collected by the Government of India but shall be assigned to the States in the manner provided in clause
(2), namely:
- duties in respect of succession to property other than agricultural land;
- estate duty in respect of property other than agricultural land;
- terminal taxes on goods or passengers carried by railway, sea or air;
- taxes on railway fares and freights;
- taxes other than stamp duties on transactions in stock exchanges and futures markets;
- taxes on the sale or purchase of newspapers and on advertisements published therein;
- taxes on the sale or purchase of goods other than newspapers, where such sale or purchase takes place in the course of inter State trade or commerce;
- taxes on the consignment of goods (whether the consignment is to the person making it or to any other person), where such consignment takes place in the course of inter State trade or commerce
Under Article 266 (1) of the Constitution of India, all revenues ( example tax revenue from personal income tax, corporate income tax, customs and excise duties as well as non-tax revenue such as licence fees, dividends and profits from public sector undertakings etc. ) received by the Union government as well as all loans raised by issue of treasury bills, internal and external loans and all moneys received by the Union Government in repayment of loans shall form a consolidated fund entitled the 'Consolidated Fund of India' for the Union Government.
Similarly, under Article 266 (1) of the Constitution of India, a Consolidated Fund Of State ( a separate fund for each state) has been established where all revenues ( both tax revenues such as Sales tax/VAT, stamp duty etc..and non-tax revenues such as user charges levied by State governments ) received by the State government as well as all loans raised by issue of treasury bills, internal and external loans and all moneys received by the State Government in repayment of loans shall form part of the fund.
The Comptroller and Auditor General of India audits these Funds and reports to the Union/State legislatures when proper accounting procedures have not been followed.
None of these
These Taxes levied and collected by the union but assigned to the States. Refer to Article 269 in the Constitution of India 1949
(1) The following duties and taxes shall be levied and collected by the Government of India but shall be assigned to the States in the manner provided in clause
(2), namely:
- duties in respect of succession to property other than agricultural land;
- estate duty in respect of property other than agricultural land;
- terminal taxes on goods or passengers carried by railway, sea or air;
- taxes on railway fares and freights;
- taxes other than stamp duties on transactions in stock exchanges and futures markets;
- taxes on the sale or purchase of newspapers and on advertisements published therein;
- taxes on the sale or purchase of goods other than newspapers, where such sale or purchase takes place in the course of inter State trade or commerce;
- taxes on the consignment of goods (whether the consignment is to the person making it or to any other person), where such consignment takes place in the course of inter State trade or commerce
Under Article 266 (1) of the Constitution of India, all revenues ( example tax revenue from personal income tax, corporate income tax, customs and excise duties as well as non-tax revenue such as licence fees, dividends and profits from public sector undertakings etc. ) received by the Union government as well as all loans raised by issue of treasury bills, internal and external loans and all moneys received by the Union Government in repayment of loans shall form a consolidated fund entitled the 'Consolidated Fund of India' for the Union Government.
Similarly, under Article 266 (1) of the Constitution of India, a Consolidated Fund Of State ( a separate fund for each state) has been established where all revenues ( both tax revenues such as Sales tax/VAT, stamp duty etc..and non-tax revenues such as user charges levied by State governments ) received by the State government as well as all loans raised by issue of treasury bills, internal and external loans and all moneys received by the State Government in repayment of loans shall form part of the fund.
The Comptroller and Auditor General of India audits these Funds and reports to the Union/State legislatures when proper accounting procedures have not been followed.
