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What is the fee collected in view of the sale and purchase of fixed assets in a Gram Panchayat area what percentage of the amount from the above would be credited to the account of the Gram Panchayat on a quarterly basis?
1. Entertainment Tax, 60 ∶ 40
2. Mineral Cess, 25 ∶ 50 ∶ 25
3. Professional Tax, 90%
4. Surcharge on Stamp Duty, 1.5%

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Correct Answer - Option 4 : Surcharge on Stamp Duty, 1.5%

The correct answer is Surcharge on Stamp Duty, 1.5%.

  • The fee is levied as per the provisions of the Andhra Pradesh Gram Panchayats Act, 1964 and the Andhra Pradesh Municipalities Act, 1965 and goes to the local government agencies and it is Surcharge on Stamp Duty, 1.5%. Hence option 4 is correct.
  • The stamp duty and property registration charges in Andhra Pradesh are calculated based on either the market value or the Ready Reckoner Rate (RRR), the lowest value at which a property can be registered. 
  • The Ready Reckoner Rate (RRR) is the minimum value of the property fixed by the State government, whereas the market rate is the value of the property as of the date of assessment.
  • Typically, the market value of a property is governed by several external factors such as infrastructure developments and social facilities in that area. 

  • Panchayati Raj Institution is empowered to raise funds through taxes, cesses fees, fines, etc., but generally, the magnitude of revenues generated on this account is small.
  • Hence, Panchayati Raj Institution in all the States is heavily dependent on grants and loans from the Government for performing their functions.
  • The State Panchayati Acts and the Finance and Accounts Rules or orders issued under the State Acts lay down accounting procedures to be followed by the Panchayati Raj Institution regarding their financial transactions and the forms of original and subsidiary books of accounts required to be maintained by them and the forms of accounts statements and returns to be rendered by them periodically.

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