Recovery through STT saw a 14 per cent increase

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Mumbai, Ta. Saturday, June 20, 2020

The collection of Securities Transaction Tax (STT) has increased by 12 per cent to Rs 5 crore in the first quarter of the current financial year due to strong recovery in the market and increase in retail participation.

According to the Income Tax Department, despite the slowdown in the economy due to the corona, STTs have seen double-digit growth while advance corporate tax collection has declined by more than 50 per cent.

The STT figure was Rs 3 crore in the current financial year as compared to Rs 3 crore in the first quarter of last financial year. In the current financial year, the government expects to collect Rs 15,000 crore through STT.

This target can be achieved if the market conditions remain stable, sources in the tax department said. The recovery in STTs was high as a result of heavy volatility in F&O, market sources said. The recovery of STT depends on the market conditions.

On the other hand, tax payments from Dividend Distribution Tax (DDT) fell by 9 per cent to Rs 206 crore from Rs 50 crore.

Sources said the reduction was due to the introduction of dividend tax levy on investors from April 1.

Meanwhile, direct tax collection in the first quarter stood at Rs 1.5 trillion from April 1 to June 15. The target for the whole year is set at Rs 16.12 trillion.


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