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UPSC 2010: Consider the following statements : In India, taxes on transactions in Stock Exchanges and Futures Markets are 1. levied by the Union 2. collected by the States Which of the statements given above is/are correct ?
(a)1 only
(b)2 only
(c)Both 1 and 2
(d)Neither 1 nor 2
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Not attemptedCorrect Answer: (a) 1 only
Entry 90 of the Union List empowers Parliament to levy and collect taxes on the sale-or-purchase of securities; this is implemented through the Securities Transaction Tax (STT) that is both levied and collected by the Union government, so statement 1 is correct. States have no role in collecting this tax, so statement 2 is wrong. ([testbook.com](https://testbook.com/question-answer/consider-the-following-statements-in-india-tax--608063c23a3dce5296b4c391?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 2010 Indian Economy question?▼
The correct answer is option (a): 1 only. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Taxation question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2010, GS Paper 1, as Question 145. It falls under Indian Economy > Taxation.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Taxation?▼
UPSC has asked 19 questions from Taxation (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.