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NSE directs brokers to report, remit excess STT collected
NSE directs brokers to report, remit excess STT collected
In a circular issued by the exchange’s finance and accounts department, NSE said the Joint Commissioner of Income Tax, Range 7(1), had advised the exchange to draw attention to cases where some members collected excess STT from clients but did not deposit the amount with the government.
New Delhi: The National Stock Exchange (NSE) on Tuesday directed its trading members -- brokers and sub-brokers -- to furnish details of excess Securities Transaction Tax (STT) collected but not remitted to the government for FY 2023–24 and preceding years, following instructions from the Income Tax Department.
In a circular issued by the exchange’s finance and accounts department, NSE said the Joint Commissioner of Income Tax, Range 7(1), had advised the exchange to draw attention to cases where some members collected excess STT from clients but did not deposit the amount with the government.
According to the notification, the tax authority requested the NSE to issue a circular asking members to disclose details of such excess STT retained and remit the amount to the exchange.
Members have been directed to submit the details under the caption “Excess STT Retained-NSE” and comply with the circular within seven days of its publication.
They must also remit the excess STT collected along with interest at 1 percent for every month of delay to the National Stock Exchange of India Ltd, which will subsequently deposit the amount in the government account.
The exchange also said that the circular follows its earlier communication dated March 19, 2025, regarding excess STT retained by members for FY 2022–23 and prior years.
Further NSE noted that the disclosures should include excess STT collected and retained for FY 2023–24 and preceding years as on March 31, 2023, and urged members to remit the dues immediately along with the applicable interest.
Earlier in the Union Budget 2026, Finance Minister Nirmala Sitharaman announced revised STT on futures by more than doubled from 0.02 per cent to 0.05 per cent.
Moreover, STT on options premium and exercise of options also rose to 0.15 per cent from the present rate of 0.1 per cent and 0.125 per cent, respectively, effective April 1, 2026.
Source: ZeeNews
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