Thursday, June 20, 2024

India hikes securities transaction tax on futures, options contracts

Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha during the Budget Session of Parliament, in New Delhi, on March 24, 2023.

Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha during the Budget Session of Parliament, in New Delhi, on March 24, 2023.
| Photo Credit: PTI

India has raised the securities transaction tax (STT) on futures and options contracts, a source said, citing amendments to the finance bill, 2023, passed by Lower House of the Parliament on Friday.

The government hiked the STT on options contracts to 0.021%, from the 0.017% stated in the Finance Act (2004), said the source, who did not want to be named.

The STT for futures has been hiked to 0.0125% from 0.01%, they said.

The increases would be effective from April 1, they added.

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