STT on Options increased to 0.05%

The Finance Minister Shri Arun Jaitley has proposed to increase security transaction tax in case of 'Options' from 0.017 to 0.05 per cent.

Equalization levy of 6% of gross amount for payment made to non-residents exceeding Rs.1 lakh a year in case of B2B transactions was also proposed.

He further proposed Krishi Kalyan Cess @ 0.5% on all taxable services w.e.f. 1st June 2016. Proceeds from this would be exclusively used for financing initiatives for improvement of agriculture and welfare of farmers, he said.

Source : Equity Bulls

Keywords