The Indian Stamp Act, 1899 is a fiscal legislation. Which entry of whi…

Question

The Indian Stamp Act, 1899 is a fiscal legislation. Which entry of which legislative list of the Constitution of India confers on the Union the power to levy stamp duty on commercial instruments such as bills of exchange, cheques, promissory notes, bills of lading, letters of credit and policies of insurance?

Accepted Answer

A. {'text': 'Entry 91 of the Union List (List I) of the Seventh Schedule to the Constitution', 'label': 'A'}

1. Lesson 14 records the constitutional architecture of stamp duty:
   - **Union List, Entry 91** — Union power to levy stamp duty on commercial instruments (bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies, receipts).
   - **State List, Entry 63** — State power to prescribe rates of stamp duty on other instruments.
   - **Concurrent List, Entry 44** — Principles for levy.
2. Hence option (A) is correct.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 14 (Indian Stamp Act, 1899), pp. 337-353._

Answer

{'text': 'Entry 63 of the State List (List II) of the Seventh Schedule to the Constitution of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'B'}

Answer

{'text': 'Entry 44 of the Concurrent List (List III) of the Seventh Schedule to the Constitution of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'C'}

Answer

{'text': 'Entry 88 of the Union List (List I) of the Seventh Schedule to the Constitution of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'D'}