Multiple Choice Questions on In India stamp duties on financial transactions are 1 levied and collected by the sta........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

In India stamp duties on financial transactions are 1 levied and collected by the sta...........

Economic Affairs Tax System
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    In India stamp duties on financial transactions are

    1.    levied and collected by the state governments

    2.    appropriated by Union governments

    Which of the statements given above is/are correct?

    Only 1

    Incorrect Answer

    Only 2

    Incorrect Answer

    Both

    Incorrect Answer

    Neither

    Correct Answer
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    Explanation:
    Both statements are incorrect.
    Stamp duty is a government tax, which is levied on all legal property transactions. Stamp duty is, therefore, a tax which is evidence, as it were, of any purchase or sale of a property between two or more parties.
    It is a tax levied by the Centre but collected and appropriated by the States. 

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