GST: Relief for brokers as stamp duty collection shifts to July
There is another relief for stock, currency and commodity markets. The government has postponed stamp duty collection to July from April earlier. Stamp duty, securities transaction tax and GST on brokerage are some of the tax-related components in the financial markets.
Stamp duty is charged on every trade in stock, currency and commodity markets. Maharashtra generates the highest amount of stamp duty as financial market intermediaries are mainly based in Mumbai.
Details of stamp duty charged are based on traded volume and is mentioned in a contract note. Brokers collected it and passed it on to the respective states where the trading volumes came from. Brokers have to collect the stamp duty and give it to exchanges, who in turn passed it on to states.
Source- Business Line.
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