STT collection hits all-time high, taxman rides on bullish stock market

New Delhi, July 15 (ANI): With Sensex witnessing record closing and Nifty hitting all-time high earnings, the Income Tax Department on July 15 has set a new benchmark by collecting more than expected revenue on account of Securities Transaction Tax (STT) in the first quarter of the financial year 2021.Sources told ANI that the Income Tax Department has got a record Rs 5,373 crore in the head of STT collection during the first quarter of Financial Year 2021. It is an increase of 109 per cent as against the first quarter of FY 2020.During the first quarter of 2020 Income Tax department has got a collection of Rs 2,568 crore as STT collection. During this quarter Sensex and Nifty has gained 6 per cent and 7 per cent respectively in the April-June quarter.The Income Tax department has set direct tax collection for this fiscal year of Rs 11.08 lakh crore. Out of this collection from STT target for the current fiscal has been set at Rs 12,000 crore. STT is levied at the time of purchase and sale of on listed/unlisted shares in the stock market, derivatives, equity-oriented Mutual Funds, debentures and bonds.STT varies from 0.1 per cent to 0.001 per cent on shares, derivatives, equity-oriented mutual funds, debentures and bonds.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting