Indian Stamps Act(Amendment)Bill,for UNIFORM STAMPDUTY in coming session of Parlament
Uniform stamp duty on share trades soon (by month end).
The governments plans to have a uniform duty structure for stock market transactions may fructify soon, with the finance ministry planning to table the Indian Stamps Act (Amendment) Bill), 2011, in the coming session of Parliament.
A finance ministry official said comments had been received on the draft and most state governments were on board. The Bill would be sent to the Cabinet for its approval this month, the official added.
Under the proposed regime, stamp duty will be collected by stock exchanges from the seller and then passed on to the states where the seller is based. Against the current practice of different stamp duty rates in states on stock market transactions, the finance ministry is planning to propose a uniform rate of 0.003 per cent on futures and options trading. For currency derivatives, it is considering a rate of 0.0001 per cent.
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To give some relief to stock market investors, the finance ministry is also considering a cut in the securities transaction tax (STT). It may finally decide while preparing the Budget in February.
[Source: business-standard & thehindubusinessline ]
CHEERS! :clap: