Stock exchanges for abolition of STT in Budget
Stock exchanges today pitched for abolition of the Securities Transaction Tax (STT) on equity trades at their meeting with Finance Ministry officials here.
The issue of removal of STT was raised by representatives of different stock exchanges, including BSE, National Stock Exchange, MCX-SX and USE. Besides, the officials of market regulator the Securities and Exchange Board of India (Sebi) were also present in the meeting.
"Finance Ministry has taken our view on developments in stock markets and STT. We have suggested removal of STT. Based on our view the ministry will take a view," a representative of a stock exchange said.
"We are expecting some announcement in budget. We also stressed that taxes should not be increased and no new taxes should be introduced," an official from another stock exchange said.
Source : http://www.business-standard.com/budget2012runup/news/stock-exchanges-for-abolitionstt-in-budget/157350/&tp=on