Only Parliament Not State Legislature Can Prescribe the Rate of Stamp Duty on Insurance Policies: Supreme Court

Recently, the Supreme Court stated that only parliament, not State Legislature can prescribe the rate of stamp duty on insurance policies. The bench of Justices Pamidighantam Sri Narasimha and Aravind Kumar was dealing with the important question that whether the state of Rajasthan has the power and jurisdiction to levy and collect stamp duty on

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