Financial Daily from THE HINDU group of publications
Saturday, Jul 17, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 17, 2004 |
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Industry & Economy
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Taxation Clarification on transaction tax on Monday Our Bureau
New Delhi , July 17 THE Government is likely to come up with clarifications on Monday in the matter of the 0.15 per cent securities transaction tax that has been proposed in the Union Budget. ``I will clarify the position on Monday when I reply to the discussion on the Budget,'' the Finance Minister, Mr P. Chidambaram, said in the Lok Sabha. He made a brief intervention during the debate on the Budget when the Shiv Sena Member, Mr Suresh Prabhu, wanted to know as to when the Government would take a re-look at the proposal to levy 0.15 per cent transaction tax on securities transacted in the stock exchanges. After the Finance Minister announced in his Budget speech that a 0.15 per cent transaction tax would be levied on the value of each security transacted in the stock exchanges, representatives of the broking community had made representation to the Minister that the levy should be commensurate with the income of different players in the capital market. Some of them suggested that the transaction tax should be imposed only on foreign institutional investors (FIIs) and non-resident Indians (NRIs) while exempting domestic investors, day traders and arbitrageurs from this levy. The Finance Ministry has also received representation that the proposed securities transaction tax should not be levied on the debt securities traded in the stock exchanges.
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