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The Finance Minister, has announced that the 0.15 per cent securities transaction tax (STT) proposed in his Budget would be confined to only delivery-based trade in equities,while totally sale and purchase of bonds are exempt from the levy.
Indian Budget 2004-05
Revised guidelines on securities transaction tax (STT)
Now, 0.15 per cent STT would be split equally between the buyer and the seller. Further, Intermediaries who declare business profits on delivery-based transactions can also claim credit for STT against the tax paid by them on business profits.
Day-traders and arbitrageurs, are now freed of the levy. The STT rate applicable on future and options trades has been pegged even lower at 0.01 per cent and these would again qualify for credit against tax on business profits.
Direct taxes... Read full text
Indirect taxes... Read full text
... Return to Full Text of Budget 2004-2005
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