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UPSC 2003: Consider the following statements: In India, stamp duties on financial transactions are 1. levied and collected by the State Government 2. appropriated by the Union Government. Which of these statements is/are correct?
(a)Only 1
(b)Only 2
(c)Both 1 and 2
(d)Neither 1 nor 2
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Not attemptedCorrect Answer: (d) Neither 1 nor 2
Under Article 268 of the Constitution, stamp duties on the specified financial instruments are ‘levied by the Union but collected and appropriated by the States’. Duties on all other documents lie wholly in the State List and are likewise kept by the States. Hence they are NOT levied/collected by States (statement 1 is wrong) and the proceeds are NOT taken by the Union (statement 2 is wrong). Therefore neither statement is correct. ([gktoday.in](https://www.gktoday.in/question/consider-the-following-statements-in-india-stamp-d?utm_source=openai))
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What is the correct answer to this UPSC 2003 Indian Polity question?▼
The correct answer is option (d): Neither 1 nor 2. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Public Finance & Finance Commission question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2003, GS Paper 1, as Question 50. It falls under Indian Polity > Public Finance & Finance Commission.
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 Public Finance & Finance Commission?▼
UPSC has asked 13 questions from Public Finance & Finance Commission (under Indian Polity) across multiple years. Visit the topic page to see the full list and year-wise trends.