Consider the following statements 1 Income tax is levied by the Centre and collected by the states 2...........

Explanation:

Neither 1 nor 2

The statement "Income tax is levied by the Centre and collected by the states" is incorrect. Income tax is levied and collected by the Central Government in India, not by the states. The Central Government is responsible for formulating and implementing income tax policies and collecting income tax revenue.

The statement "All taxes on the consumption or sale of electricity are imposed by state legislature including the electricity sold to the Centre" is also incorrect. Taxes on the consumption or sale of electricity can be levied by both the state and central governments depending on the jurisdiction and policies. The taxation on electricity consumption is not solely the domain of state legislatures.

Therefore, neither statement 1 nor statement 2 is correct.