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Consider the following statements in India, taxes on transactions in Stock Exchange 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
Only 2
Both 1 and 2
Neither 1 nor 2
1st statement is correct. Taxes on transaction in stock exchanges and future markets (other than stamp duties) are the taxes Levied and Collected by the Centre but Assigned to the States.
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