Quick Summary
Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures. The amended Finance Bill 2023 by correcting STT rate has been returned to Lok Sabha,sources said. The amended Bill is likely to be taken up by Lok Sabha either today or tomorrow and thereafter the Budgetary exercise would be complete.The Lok Sabha is adjourned till 4
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FAQ :
The amendment aims to correct a typographical error in the Security Transaction Tax (STT) rates for the sale of options and futures, as initially proposed in the Finance Bill 2023.
The amendment corrects the Security Transaction Tax (STT) rates applicable to the sale of options and futures contracts.
The Finance Bill 2023 initially proposed increasing STT on options to 0.0625% from 0.05% and on futures contracts to 0.0125% from 0.01%. However, a subsequent statement indicated a different increase for options from 0.017% to 0.021%.
According to the ministry's statement regarding the typographical error, the STT on options has been increased from 0.017 percent to 0.021 percent. The initial proposal in the bill mentioned an increase from 0.05 percent to 0.062 percent.
The STT on the sale of futures has been hiked from 0.01 percent to 0.0125 percent.
The new STT rates will come into effect from the new financial year, 2023-24.
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