Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states?
(A) Expenditure Tax and Gift Tax
(B) Additional Duties of Excise in lieu of Sales Tax
(C) Stamps and Registration
(D) Taxes on Advertisement
Correct Answer : Taxes on Advertisement
Question Asked : SSC SAS Exam 2010
Explanation : Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted, partly or wholly to the States. There are taxes which are levied and collected by the Union, but the entire proceeds of which are assigned to the states, in proportion determined by the Parliament. These taxes include : Succession and Estate duty; Terminal Taxes on goods and passengers; Taxes on railway freight and fares; Taxes on transactions in stock exchanges and future markets; and Taxes on sale and purchase of newspapers and advertisements therein.
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