The government has reportedly hiked the Securities Transaction Tax (STT) on futures and options contracts, following amendments to the Finance Bill, 2023, passed by lower house of the parliament on Friday.
STT has been hiked by 23.52% on the sale of options and 25% on the sale of futures contracts.
As per the amendments to the Finance Bill, STT on the sale of options has been hiked to Rs 2,100 on a turnover of Rs 1 crore against an earlier applicable levy of Rs 1,700. On the sale of futures contracts, the STT has been hiked to Rs 1,250 on Rs 1 crore of turnover against the earlier levy of Rs 1,000. On the options side, the STT is charged on the premium and not the strike price.
The media reported that the Finance Bill, 2023, with 64 official amendments was passed in Lok Sabha on Friday without discussion giving effect to tax proposals.
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