Mumbai: Leading bourse NSE today said it will scale down securities transaction tax (STT) in the capital market segments from June 1.
The revision is as per the Finance Act 2013, which received Presidential assent on May 10.
Introduced in 2004, STT is levied on the sale and purchase of equities.
In the case of sale of securities in futures segment, the tax has been revised downward to 0.01 per cent, from 0.017 per cent.
"We would like to inform you that as per the Finance Act 2013, which received the Presidential assent on May 10, 2013, rates of levy of STT with effect from June 1, 2013 are revised," NSE (National Stock Exchange) said in a circular.
Regarding the sale of a unit of an equity oriented fund, where the transaction is entered into on a recognised bourse, and the contract for the sale of such share is settled by the actual delivery or transfer of such share, STT has been revised downward from 0.1 per cent to 0.001 per cent.
In case of purchase of a unit of an equity oriented fund, where the transaction is entered into in a recognised stock exchange and the contract for the purchase of such unit is settled by the actual delivery, NSE has done away the tax from the existing 0.1 per cent.
The exchange said that in case of other transactions, there would not be any change in STT rate.
First Published: Friday, May 24, 2013, 22:08