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#1
30th May 2008, 02:42 PM
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Changes in relation to Securities Transaction Tax
Sub : Changes in relation to Securities Transaction Tax
Further to our earlier circular no.NSE/F&A/7527 dated May 26, 2006, we would like to inform you that as per the Finance Act 2008 (18 of 2008), which received the Presidential assent on May 10, 2008, the basis of levy of Securities Transaction Tax (STT) on sale of options and the value to be considered for “option in securities” with effect from 01st day of June, 2008 is revised as below. Accordingly, STT on the transactions executed on the Exchange on or after June 01, 2008 shall be charged as indicated in Column D below. a: Sale of an option in securities 0.017 per cent Payable by - Seller b: Sale of an option in securities, where option is exercised 0.125 per cent Payable by-Purchaser c: Sale of a futures in securities 0.017 per cent Payable by: Seller Further the value of taxable securities transaction in relation to “option in securities” is aggregate of strike price and the option premium of such option in securities, as defined under section 99 (a) of Chapter VII of the Finance (No.2) Act, 2004, till May 31, 2008. With effect from June 01, 2008, the said definition is amended as under: (a) Value of taxable securities transaction relating to an “option in securities” shall be the option premium, in case of sale of an option in securities. (b) Value of taxable securities transaction relating to an “option in securities” shall be the settlement price, in case of sale of an option in securities, where option is exercised. 
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